PBGC Will Meet With Participants in Aloha Airlines Pension Plans
FOR IMMEDIATE RELEASE
August 01, 2006
WASHINGTON-Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Aloha Airlines Inc. Pension Plan for IAM Employees, the Aloha Airlines Inc. Pilots' Fixed Retirement Plan and the Aloha Airlines Inc. Pension Plan for Non-Represented Employees to explain the federal pension program and answer questions.
PBGC took over the plans on April 27, 2006, and continued uninterrupted payment of benefits to retirees. The plans cover more than 3,900 workers and retirees and are underfunded by about $169 million. PBGC uses its insurance funds 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:
Honolulu International Airport
6:30 - 7:30 p.m
Anyone with questions should contact PBGC's Customer Contact Center at 1-800-400-7242. For TTY/TDD users, call the federal relay service 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 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.
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PBGC No. 06-61