PBGC Will Meet With Participants in Galey & Lord Inc. Pension Plan and Pension Plan for Employees of Swift Textiles Inc.
FOR IMMEDIATE RELEASE
July 27, 2005
WASHINGTON -Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Galey & Lord Inc. Pension Plan and the Pension Plan for Employees of Swift Textiles Inc. to explain the federal pension program and answer questions.
PBGC took over the plans on January 14, 2005, and continued uninterrupted payment of benefits to retirees. The Galey & Lord Inc. Pension Plan covers more than 2,300 workers and retirees and is underfunded by $26.1 million. The Pension Plan for Employees of Swift Textiles Inc. covers more than 1,600 workers and retirees and is underfunded by $4.9 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:
Florence Civic Center
Park Inn Gateway
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. 05-53