PBGC Will Meet with Participants in Allied Products Corporation Pension Plans
FOR IMMEDIATE RELEASE
August 01, 2002
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Pension Plan for Hourly Employees of the Verson Division of Allied Products Corporation and the Allied Products Corporation Combined Retirement Plan to explain the federal pension insurance program and answer questions.
PBGC terminated these two plans on January 31, 2001, and continued uninterrupted payment of benefits to retirees. The plans cover about 1,500 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 and dates for people covered by these plans:
Hilton Oak Lawn
9333 South Cicero Avenue
Oak Lawn, IL 60453
Phone No.: 708-425-7800
Tuesday, August 13, 2002 -- 7-8 p.m.
Wednesday, August 14, 2002 -- 10-11 a.m. and 7-8 p.m.
At the meetings, PBGC will copy birth and marriage certificates, and other pertinent documents 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. It currently guarantees payment of basic pension benefits for about 44 million American workers and retirees participating in more than 35,000 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. 02-33