THE COLONIAL RETIREMENT PLAN
|Plan Sponsor||COLONIAL BANCGROUP|
|Date of Plan Termination||August 14, 2009|
|Date of PBGC Trusteeship||April 27, 2010|
1: PBGC has taken over as trustee of your pension plan. PBGC is now responsible for paying your pension benefits up to the limits set by law.
2: PBGC is verifying plan and participant information to calculate pension benefits. PBGC has sent letters to notify all participants and beneficiaries that we took over as trustee of your plan.
3: PBGC is calculating pension benefits, subject to legal limits, owed to all participants and beneficiaries.
PBGC has finished reviewing and verifying plan and participant information. We are now calculating the pension benefits, subject to the legal limits, owed to everyone in the plan.
4: PBGC has completed calculating pension benefits, subject to legal limits, owed to all participants and beneficiaries in the plan. We are now sending formal determinations of pension benefits to participants and beneficiaries.
5. All reviews, verifications and calculations have been completed. Formal determination letters describing the amount of pension benefits have been sent to participants and beneficiaries.
Your Colonial Pension Benefit: Final Benefit Calculations (as of 3/12/2013)
PBGC continues to calculate the final benefit amount that participants will receive from their Colonial pension plan. This process takes at least three years. However it can take longer, depending on the complexity of the pension plan's provisions and the valuation of its assets.
So far, we have sent final benefit determinations to 528 participants in the Colonial Retirement Plan. We expect to send final benefit determinations to the remaining 2,600 participants by Sept. 30, 2013.
- PBGC Assumes Colonial Bank Pension Plan (April 30, 2010)