PBGC Will Meet With Participants in Polaroid Pension Plan
FOR IMMEDIATE RELEASE
January 21, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former employees and retirees covered by the Polaroid Pension Plan to explain the federal pension program and answer questions. Polaroid designed, manufactured and sold instant cameras, film and accessories, as well as digital imaging products.
PBGC took over the plan on September 12, 2002, and continued uninterrupted payment of benefits to retirees. The plan covers about 10,200 people and is underfunded by approximately $324 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 at the following sites, at the dates and times indicated:
01/27/03 - Monday
10:00 - 11:00 AM
The following meeting will serve the participants in New Beford, Mass.
White's of Westport
01/30/03 - Thursday
10:00 - 11:00 AM
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. 03-16