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News & Policy

PBGC Will Meet With Participants in Collins & Aikman Pension Plan (Evart, Michigan Plant)

February 05, 2008

WASHINGTON-Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Collins & Aikman Pension Plan to explain the federal pension program and answer questions.

PBGC took over the plan on April 24, 2007 and continued uninterrupted payment of benefits to retirees. The plan covers almost 21,000 workers and retirees and is underfunded by $181 million. PBGC uses its insurance funds 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 Inn2/20/088:30 a.m.- 9:30 a.m. All hourly participants from
1005 Perry Avenue
Big Rapids, MI 49307
(231) 796-4400
7:00 p.m.- 8:00 p.m. the Evart plant location

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.

The 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 by investment returns.

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PBGC No. 08-18