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Collins & Aikman Pension Plan Q & 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.

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.

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.

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.

Last Updated: May 4, 2017