PBGC Will Meet with Participants in Freedom Forge Hourly Pension Plan
FOR IMMEDIATE RELEASE
July 16, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Pension Plan for Hourly Employees of Freedom Forge Corporation to explain the federal pension program and answer questions.
PBGC took over the plan on June 27, 2002, and continued uninterrupted payment of benefits to retirees. The plan covers about 2,800 workers and retirees and is underfunded by approximately $26 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 location, date and times:
Camelot Country Restaurant
July 29, 2003
Session 1: 10 a.m. - 11 a.m.
July 31, 2003
Session 1: 6 p.m. - 7 p.m.
At the meetings, PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, etc.) that participants 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 44 million American workers and retirees participating in about 32,500 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. 03-43