Collins & Aikman Pension Plan Q & A
Q. Can I receive my benefit from the PBGC in a lump sum?
A. Normally, we pay benefits in monthly payments for life rather than as a lump sum. However, if the total value of your benefit is $5,000 or less, you can receive a lump sum.
Also, regardless of the total value of your benefit, if you submitted a complete, signed application for your lump sum on or before March 31, 2007, your lump sum application will be processed.
If your lump sum application was received after than March 31, 2007 (or if it was incomplete as of March 31, 2007), PBGC will notify you that the lump sum option is not available.
Q. I earned a pension benefit under a pension plan of a business acquired by the company (e.g. Textron, Wickes, etc.). Will the benefits earned under my former pension plan be affected by the pension plan termination?
A. Any pension plan sponsored by a business acquired by the company, including Textron and Wickes, was merged into the pension plan. Your total benefit will be determined according to the terms of the current pension plan, and the PBGC maximum guarantee would apply to all of your benefits, regardless of the plan or employer under which such benefits were earned.
Q. I am currently receiving my monthly payment from JPMorgan, will that continue now that PBGC has taken over as trustee of my plan?
A. If you are already receiving a monthly benefit paid by JPMorgan, you will continue to receive your benefit from JP Morgan through August, 2007. Beginning September, 2007, your payments will be made by State Street Corporation.
Q. When were notifications that the PBGC is trustee of the Collin & Aikman Pension Plan sent out?
A. PBGC mailed notification letters to retirees already receiving benefits on May 22, 2007.
PBGC mailed notification letters to all other participants on May 24, 2007.