PBGC Will Meet with Participants in the Harvard Retirement Plan and the Doehler-Jarvis Pension Plan for Wage Base Employees
FOR IMMEDIATE RELEASE
August 07, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with current and former workers and retirees covered by the Harvard Retirement Plan and Doehler-Jarvis Pension Plan for Wage Base Employees to explain the federal pension program and answer questions.
PBGC took over the plans from Harvard Industries, Inc., on October 15, 2002, and continued uninterrupted payment of benefits to retirees. The plans cover about 7,000 people and are underfunded by approximately $76.3 million. The Harvard Retirement Plan includes members of a prior plan, the Doehler-Jarvis Salaried Retirement Plan. 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 meetings are being held at:
Clarion Hotel Westgate
August 19, 2003
Session 1 - 10 a.m.-11 a.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. 03-49