PBGC Holds Denver Meeting for United Airlines Pilots
FOR IMMEDIATE RELEASE
March 27, 2006
WASHINGTON-Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the United Airlines Pilots Fixed Benefit Retirement Income Plan to explain the federal pension program and answer questions.
PBGC took over the plan on October 26, 2005 and continued uninterrupted payment of benefits to retirees. The plan covers more than 14,000 workers and retirees and is underfunded by $2.8 billion. 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:
Holiday Inn Denver Int'l Airport
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 30,000 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.
Editors Note: The PBGC's meetings forUnited Airlines participants are open to the news media. Advance registration is required. Reporters should contact Casandra Smith at firstname.lastname@example.org, ext. 3092.
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PBGC No. 06-33