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News & Policy

PBGC Will Meet with Participants in Outboard Marine Corp. Pension Plan

January 14, 2002

Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Outboard Marine Corp. (OMC) Employees Retirement Plan at five locations in January and February to explain the federal pension insurance program and answer questions.

PBGC took over the OMC plan on October 3, 2001, and continued uninterrupted payment of benefits to retirees. The plan covers about 10,000 people and is underfunded by about $100 million, according to PBGC estimates. PBGC uses its assets to make up the shortfall.

Meetings for participants in these plans are scheduled as follows:

Ramada Inn
200 North Green Bay Road
Waukegan, IL 60085
(847) 244-2400

Non-Exempt Hourly Participants
Monday, January 28, 2002
10:00 AM-11:00AM
7:00 PM-8:00 PM

Exempt & Non-Exempt Salaried Participants
Tuesday, January 29, 2002
10:00 AM-11:00AM
7:00 PM-8:00 PM

Hilton - Milwaukee City Center
509 West Wisconsin Avenue
Milwauke, WI 53203
(414) 271-7250

(PBGC will pay up to two hours for self-parking)
Exempt & Non-Exempt Salaried Participants
Wednesday, January 30, 2002
7:00 PM-8:00 PM

Non-Exempt Hourly Participants
Thursday, January 31, 2002
10:00 AM-11:00 AM
7:00 PM-8:00 PM

Northwest Georgia Trade &
Convention Center
2211 Dug Gap Battle Road
Dalton GA 30720
(706) 272-7676

(Calhoun participants)
All Participants
Monday, February 11, 2002
10:00 AM-11:00 AM
6:30 PM-7:30 PM

Henn Theatre
38 Tennessee Street
Murphy, NC 28906
(828) 837-2618

(Andrews participants)
All Participants
Tuesday, February 12, 2002
7:00 PM-8:00 PM

Renaissance Asheville Hotel
One Thomas Wolfe Plaza
Asheville, NC 28801
(828) 252-8211

(Spruce Pines/Burnsvlle participants)
All Participants
Thursday, February 14, 2002
10:00 AM-11:00 AM
7:00 PM-8:00 PM

At the meetings, PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, etc.) that participants 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.

PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by more than 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. 02-11