WALTHAM, Mass., Sept. 12 /PRNewswire/ -- Primary PDC, Inc., formerly known as Polaroid Corporation, today consented to the Pension Benefit Guaranty Corporation's (PBGC) request to terminate the Polaroid Pension Plan effective July 31, 2002. PBGC is a United States government agency that guarantees benefits, up to limits set by law, under certain terminated pension plans. As a result of the termination, PBGC now is trustee of the Pension Plan and is responsible for administration and payment of benefits under the Plan, up to the limits guaranteed by law. According to PBGC Executive Director Steven A. Kandarian (in a PBGC press release issued today), "PBGC is stepping in because Polaroid has sold its assets in bankruptcy and the purchaser will not assume the pension plan." Termination of the Polaroid Pension Plan is part of the wind-up of the business whose assets were sold on July 31, 2002. In connection with the sale, substantially all of Primary PDC's employees became employees of the company that purchased the assets, which now operates as Polaroid Corporation. No benefits have been earned under the Plan since July 31, 2002. Primary PDC's unsecured creditors also consented to the termination. As a result of the termination, retirees will continue to receive monthly benefits up to the limits that PBGC guarantees. Workers and retirees do not need to take any action as a result of the termination. Questions may be directed to the PBGC Customer Service Center toll-free at 1-800-400-7242. For TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 1-800-400-7242. Further information about PBGC's pension insurance program is available at the agency website, www.pbgc.gov. Contacts: Kevin R. Pond Gregg M. Galardi Primary PDC, Inc. Skadden, Arps, Slate, Meagher & Flom, LLP 1265 Main Street One Rodney Square Waltham, MA 02451 P.O. Box 636 781-386-6505 Wilmington, DE 19899-0636 302-651-3150 MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X29865577
SOURCE Primary PDC, Inc.