PBGC Will Meet with Participants in Thomaston Mills, Inc. Retirement Plans
FOR IMMEDIATE RELEASE
April 09, 2002
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Thomaston Mills, Inc. Retirement Plan No. 1 (salaried employees) and Thomaston Mills, Inc. Retirement Plan No. 2 (hourly employees) to explain the federal pension insurance program and answer questions.
PBGC took over the two underfunded pension plans on February 13, 2002, and continued uninterrupted payment of benefits to retirees. The plans cover about 2,100 people and are underfunded by approximately $6 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 for people covered by these plans:
R. E. Lee Auditorium
S. Center Street and East Lee Street
(One block off Courthouse Square)
Thomaston, GA 30286
Phone No.: (706) 647-1605 (Thomaston Upson Arts Council)
Wednesday, April 17, 2002 (Retirement Plan No. 1), 2-3:00 p.m. and 6:30-7:30 p.m.
Thursday, April 18, 2002 (Retirement Plan No. 2), 10-11:00 a.m. and 6:30-7:30 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 about 43 million American workers and retirees participating in nearly 40,000 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. 02-18