AFPAEAssociation of Former Pan Am Employees, Inc.
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A complete list of the violations may be obtained by contacting Richard Brooks, President of AFPAE at 212-947-7424 until 2:30 p.
CONTACT: Richard Brooks, President of AFPAE, 212-947-7424 until 2:30 p.
In her most recent decision, Judge Preska concluded that the PBGC may be liable as a fiduciary to former Pan Am employees in a number of respects, including the PBGC's calculation of retirement benefits, its conflict of interest in serving as both the statutory trustee of the Pan Am retirement plan and the guarantor of benefits and its failure to submit timely information to AFPAE and other former Pan Am employees concerning the Pan Am retirement plan.
Brooks says AFPAE members believe PBGC's conduct regarding Pan Am employees is reflective of an agency policy to balance its budget at the expense of the individual participants it was formed to protect.