PBGC Will Meet With Participants in Tom's Foods Pension Plan
FOR IMMEDIATE RELEASE
May 06, 2008
WASHINGTON-Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Tom's Foods Pension Plan to explain the federal pension program and answer questions.
PBGC took over the plan on June 28, 2007, and continued uninterrupted payment of benefits to retirees. The plan covers almost 3,000 workers and retirees and is underfunded by $43 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:
Convention & Trade Center
801 Front Avenue
Columbus, Georgia 31902
|5/14/08||7:00 p.m.- 8:00 p.m.||Salaried Participants including|
|5/15/08||10:00 a.m. - 11:00 a.m.||Hourly Participants|
|5/15/08||7:00 p.m. - 8:00 p.m.||Hourly Participants|
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. 08-35