PBGC Will Meet With Participants in McCook Metals, LLC Pension Plan for Hourly Employees
FOR IMMEDIATE RELEASE
January 16, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the McCook Metals, LLC Pension Plan for Hourly Employees to explain the federal pension program and answer questions. McCook Metals manufactured aluminum plate products.
PBGC took over the plan on August 22, 2002, and continued uninterrupted payment of benefits to retirees. The plan covers about 486 people and is underfunded by approximately $43 million. 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 are scheduled for Thursday, January 23, 2003, at 10 a.m. and 6:30 p.m. at the following site:
Holiday Inn (William Tell)
6201 Joliet Road
Countryside, Illinois 60525
Telephone: (708) 354-4200
At the meetings PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, etc.) that former workers or retirees bring to the meeting. 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 investment returns.
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PBGC No. 03-15