Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees of Trans World Airlines (TWA) pension plans during March and April, 2001. The meetings will be held in St. Louis and Kansas City, Mo., Portsmouth, Va., Chicago, Ill., Islandia, N.Y., and Los Angeles and San Francisco, Ca.
PBGC took over two underfunded pension plans -- the Pilots' Plan and Employees' Plan -- of TWA on January 2, 2001, providing uninterrupted payment of benefits to retirees. The TWA pension plans, covering about 36,500 people, were underfunded by approximately $700 million. PBGC uses its assets to make up the shortfall.
At the meetings PBGC will copy any proof documents (birth and death certificates, marriage licenses, etc.) that former workers or retirees bring to the meeting. PBGC will also provide estimated benefit information sheets to participants who are not already receiving a benefit. Participants will have to show identification to receive the information sheet. Information sheets will be mailed to anyone who cannot attend the meetings.
Anyone with questions should contact PBGC's Customer Service Center at 1-800-707-7242. For hearing-impaired TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 1-800-707-7242.
PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by about 43 million American workers and retirees participating in nearly 40,000 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.