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.
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
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SOURCE Primary PDC, Inc.