PBGC Will Meet with Participants in Outboard Marine Corp. Pension Plan
FOR IMMEDIATE RELEASE
April 16, 2002
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Outboard Marine Corp. (OMC) Employees Retirement Plan at two locations in April 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 and guarantees to pay benefits as promised by the plan, up to the maximum allowed by law.
Meetings for participants in the plan are scheduled as follows:
(PBGC will pay up to two hours for self-parking)
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. 02-19