PBGC Will Meet With Participants in Special Metals Corporation Pension Plans
FOR IMMEDIATE RELEASE
June 10, 2004
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Inco Alloys International Inc. Retirement Plan for Hourly Employees, Pension Plan for Hourly Employees of Special Metals Corp., and Special Metals Corp. Salaried Employees Pension Plan to explain the federal pension program and answer questions.
PBGC took over the plans on November 25 and 26, 2003, and continued uninterrupted payment of benefits to retirees. The plans cover about 4,400 workers and retirees and are underfunded by approximately $83.4 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 meetings are being held at:
Big Sandy Superstore Arena
Benefit Adjustment -
Ramada Inn New Hartford
At the meetings, PBGC will copy and certify any proof documents (birth, death, and marriage certificates, etc.) that participants not yet retired bring to the meetings. 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. 04-49