PBGC Will Meet With Participants in Penn Traffic Company Cash Balance Pension Plan
FOR IMMEDIATE RELEASE
July 08, 2005
WASHINGTON-Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Penn Traffic Company Cash Balance Pension Plan to explain the federal pension program and answer questions.
PBGC took over the plan on February 23, 2005, and continued uninterrupted payment of benefits to retirees. The plan covers more than 9,500 workers and retirees and is underfunded by $126 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:
Doubletree Club Hotel
Veterans Memorial Civic
Concourse Hotel &
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 at least seven days before the meetings so that we can secure an interpreter in your area.
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. 05-51