PBGC Will Meet with Participants in the Harvard Retirement Plan, the Jackson Division Hourly Rate Employees Pension Plan and the Harvard Industries Albion Division Hourly Rate Employees Pension Plan
FOR IMMEDIATE RELEASE
July 30, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with current and former workers and retirees covered by the above-mentioned three plans to explain the federal pension program and answer questions.
PBGC took over the plans on October 15, 2002, and continued uninterrupted payment of benefits to retirees. The plans cover about 7,000 people and are underfunded by approximately $74.4 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. The Harvard Retirement Plan includes members of the prior plan, Hayes-Albion Corporation Salaried Employees Pension Plan.
The meetings are being held at:
Commonwealth Commerce Center
August 6, 2003
7 p.m. - 8 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 1-800-877-8839 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 nearly 33,000 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. 03-48