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PBGC Will Meet With Participants in Acme Metals Pension Plans

January 29, 2003

Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former employees and retirees covered by the Consolidated Pension Plan for Acme Salaried and Hourly Employees to explain the federal pension program and answer questions. Acme was a manufacturer of steel and steel-fabricated products.

The plans terminated on June 1, 2002. PBGC assumed responsibility of the plans on September 13, 2002, and continued uninterrupted payment of benefits to retirees. The plans cover about 3,900 people and are underfunded by approximately $170 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 site, at the dates and times indicated:

Radisson Hotel - Alsip
5000 W. 127th Street
Alsip, Illinois 60803
Telephone: (708) 371-7300

Dates: Monday, February 3, 2003 (Salaried Employees)
6:30-7:30 p.m.

Tuesday, February 4, 2003 (Hourly Employees)
10-11:00 a.m.
6:30-7:30 p.m.

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. 03-19