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FOR IMMEDIATE RELEASE
February 06, 2009
PBGC Public Affairs
202-326-4343
Notice To Defined Benefit Plans Concerning Funds Invested With Bernard L. Madoff Investment Securities LLC
WASHINGTON—This notice concerns single-employer and multiemployer defined benefit pension plans insured by the Pension Benefit Guaranty Corporation (PBGC) that may have experienced significant investment losses resulting from a customer relationship with Bernard L. Madoff Investment Securities LLC, either directly or through an investment advisor.
If the losses of a single-employer plan are sufficient to render the plan unable to pay benefits when due, the plan administrator or sponsor is required by section 4043 of ERISA to notify PBGC of this event within 30 days of knowing or having reason to know that this reportable event has occurred. The plan administrator must notify PBGC of a reportable event by filing PBGC Form 10, which is available at www.pbgc.gov. Please direct questions to Roger Reiersen of PBGC’s Department of Insurance Supervision and Compliance. He may be contacted at (202) 326-4000, extension 3704, or reiersen.roger@pbgc.gov.
Multiemployer plans that are covered by Title IV of ERISA do not have an obligation to notify PBGC when a reportable event under section 4043 occurs. However, if the trustees believe that benefits cannot be paid when due, or all, or substantially all, employers cease contributing to the plan, the trustees have legal responsibilities, which may include reducing benefits, assessing withdrawal liability, and notifying PBGC. If plan representatives have questions or concerns, they may call the Multiemployer Division at 202-326-4000, ext. 3012, or send an e-mail to Multiemployerprogram@pbgc.gov.
Plan administrators and sponsors of affected single-employer and multiemployer plans should also consult a qualified advisor concerning recovery of funds invested directly or indirectly with Madoff Securities.
