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News & Policy

PBGC Will Meet With Participants in Bradlees Pension Plan

October 03, 2001

Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Bradlees Stores, Inc., Retirement Plan at two locations in October 2001 to explain the federal pension insurance program and answer questions.

PBGC took over the Bradlees plan on May 14, 2001, and continued uninterrupted payment of benefits to retirees. The plan covers about 8,000 people and is underfunded by approximately $12 million. PBGC uses its assets to make up the shortfall.

Meetings are scheduled as follows for people covered by this plan:

October 15, 2001 - 7:30 p.m.
October 16, 2001 - 10:30 a.m., 7:30 p.m.
Radisson Hotel Boston
200 Stuart Street
Boston, Mass. (617) 482-1800

October 18, 2001 - 10:30 a.m., 7:30 p.m.
Holiday Inn Philadelphia Stadium
10th Street & Packer Avenue
Philadelphia, Pa. (215) 755-9500

At the meetings, PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, etc.) that future retirees bring to the meeting. 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. A Spanish-speaking representative will be at all the meetings to answer any questions and help complete forms.

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 43 million American workers and retirees participating in nearly 38,000 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.

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PBGC No. 02-01