PBGC Will Meet With Participants in Reliance Insurance Co. Employee Retirement Plan
FOR IMMEDIATE RELEASE
August 05, 2002
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Reliance Insurance Co. Employee Retirement Plan to explain the federal pension insurance program and answer questions.
PBGC terminated this plan on February 28, 2002, and continued uninterrupted payment of benefits to retirees. The plan covers about 8,800 people and is underfunded by approximately $98 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.
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 earned by about 44 million American workers and retirees participating in over 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 by PBGC's investment returns.
SCHEDULE OF RELIANCE PARTICIPANT MEETINGS
Marriott Philadelphia Hotel
1201 Market Street, Philadelphia, PA 19107, 215-625-2900
Monday, August 19, 2002 --10-11 a.m. and 6:30-7:30 p.m.
Tuesday, August 20, 2002 - 10-11 a.m. and 6:30-7:30 p.m.
Hilton New York and Towers
1335 Avenue of the Americas, New York, NY 10019, 212-586-7000
Thursday, August 22, 2002 -- 10-11 a.m. and 6:30-7:30 p.m.
Friday, August 23, 2002 - 9-10 a.m. and 2-3 p.m.
Hilton Seattle Airport
17620 Pacific Highway South, Seattle WA 98188, 206-244-4800
Thursday, August 29, 2002 -- 10-11 a.m. and 6:30-7:30 p.m.
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PBGC No. 02-36