Federal Pension Insurer Pays Benefits at Archibald Candy Corp.
FOR IMMEDIATE RELEASE
May 19, 2004
WASHINGTON-Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Archibald Candy Corporation Employees Pension Plans A and B, Union and Non-Union, to explain the federal pension program and answer questions.
PBGC took over the plans on May 10, 2004, and continued uninterrupted payment of benefits to retirees. The plans cover more than 2,000 workers and retirees and are underfunded by approximately $10.5 million. PBGC uses its assets to make up the shortfall and guarantees to pay benefits as promised by the plans up to the maximum allowed by law.
The meetings will be held as follows:
Alessandro's Banquet Hall
10 - 11 a.m.
7 - 8 p.m.
At the meetings, PBGC will copy and certify any proof documents (birth, death, and marriage certificates, etc.) for those participants who have not yet retired. Anyone with questions should contact PBGC's Customer Contact 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. If you plan to attend the meeting and require an interpreter, please call the Customer Contact Center at the number above.
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 over 31,000 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. 04-46