PBGC Will Meet With Participants in Pillowtex Pension Plans
FOR IMMEDIATE RELEASE
June 10, 2004
WASHINGTON - Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Pillowtex Corp. Retirement Plan for Hourly Employees and Pillowtex Corp. Retirement Plan for Salaried Employees to explain the federal pension program and answer questions.
PBGC took over the plans on October 31, 2003, and continued uninterrupted payment of benefits to retirees. The plans cover nearly 26,000 workers and retirees and are underfunded by $180 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 will be held as follows:
A. L. Brown High School
A - Ba
Columbus Ga. Convention
Embassy Suites Hotel
Martinsville High School
A - G
Goose Pond Colony
Hourly & Salaried
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. 04-52