Annual Funding Notice

GBMC 2020 Annual Funding Notice (AFN) to all plan participants

Please note, this notice is informational only and does not require any further action.

Below are some of the most common questions from plan participants regarding the Annual Funding Notice.

1. Why am I getting the Annual Funding Notice?
Federal law requires that all pension plans distribute an AFN annually, in the exact format presented.

2. What is the Annual Funding Notice?
The Annual Funding Notice includes relevant information about the Plan, and provides a summary of federal rules governing insolvent plans and benefit payments guaranteed by the Pension Benefit Guaranty Cooperation (PBGC), a federal agency.

3. Do I need to do anything with the Notice?
You do not need to do anything with the Notice. The AFN is sent for informational purposes only.

4. Does this Notice mean that my pension benefits will be terminated or that PBGC is taking over my benefit?
In September you received notification from GBMC that the Retirement Plan is being terminated. GBMC intends to fully fund all benefits due to all participants in the Plan as part of the termination process. As noted in the September mailing, you will receive additional information on the plan termination in February 2021.

The format for the Annual Funding Notice that is prescribed requires the Plan to provide a description of the PBGC and the protections they provide in the event a plan terminates without enough money to pay all benefits, even though GBMC has made the commitment to pay all benefits owed as part of the plan termination process.

5. Does this Notice mean that my pension benefits will change?
No. There is no impact on your benefits. The AFN is sent for informational purposes only. It does not in any way change your benefits under the Plan.

6. Who should I contact if I have additional questions about my benefits?
Please contact the GBMC Non-Union Pension Service Center at 1-866-305-8846, Plan Code 621. The Pension Service Center is available Monday – Friday, 8 AM – 5 PM ET. You may also contact them by email at GBMC.Pension @usi.com or by fax at 610-537-4274.