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FOR IMMEDIATE RELEASE
July 09, 2002
Randolph J. Clerihue, Director
Communications & Public Affairs
or
Mildred E. Dunmore
(202) 326-404
PBGC Will Meet with Participants in DeVlieg Bullard Inc./National Acme Company Pension Plans
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the pension plans for hourly and salaried employees of the DeVlieg Bullard, Inc./National Acme Company to explain the federal pension insurance program and answer questions.
PBGC took over the merged plans of DeVlieg Bullard, Inc./National Acme Co. on August 3, 2001, and continued uninterrupted payment of benefits to retirees. The plans cover about 1,500 people and are underfunded by approximately $9 million according to PBGC estimates. PBGC uses its assets to make up the shortfall and guarantees to pay benefits as promised by the plans, up to the maximum allowed by law.
Meetings are scheduled at the following site and dates for people covered by these component plans:
3663 Park East Drive
Beachwood, Ohio 44122
Phone No.: 216-464-5950
Monday, July 22, 2002 — 7-8 p.m.
- Retirement Plan for Salaried Employees of DeVlieg Bullard, Inc. and Affiliated Companies
- Salaried Employees Pension Plan of the National Acme Company, a Division of DeVlieg-Bullard, Inc.
- Pension Plan for Hourly Rated Employees of the National Acme Company Plan Security Guards and Certain Other Employees
- Pension Plan for Hourly Rated Employees of the National Acme Company Distribution Center, Fremont, Ohio
Tuesday, July 23, 2002 — 10-11 a.m. and 7-8 p.m.
- Pension Plan for Hourly Rated Employees of the National Acme Company (Covers employees of Coit Road, Cleveland Ohio plant represented by the Mechanics Educational Society of America (AFL-CIO))
At the meetings, PBGC will copy birth and marriage certificates, etc., that future retirees bring to the meetings. Anyone with questions should contact PBGC=s Customer Service Center at 1-800-400-7242. For hearing-impaired TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 800-400-7242.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by about 44 million American workers and retirees participating in more than 35,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns.
