PBGC Will Meet With Participants in Forstmann and Company, Inc., Hourly and Salaried Employees' Pension Plans
FOR IMMEDIATE RELEASE
February 20, 2002
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Forstmann and Co., Inc., Hourly Employees' Pension Plan and the Forstmann and Co., Inc., Retirement Plan for salaried employees to explain the federal pension insurance program and answer questions.
PBGC took over the two plans on November 1, 2000, and continued uninterrupted payment of benefits to retirees. The plans cover about 2,700 people and are underfunded by approximately $6 million. 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 for people covered by these plans:
The DuBose Porter Center
560 Pinehill Road
March 6, 2002 - 10-11 a.m, and 6-7 p.m.
March 7, 2002 - 10-11 a.m, and 6-7 p.m.
At the meetings, PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, 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 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. 02-13