Greenwood Mills Inc. said that a government agency will take over paying the benefits for former Lindale Mill employees. Former Lindale mill employees who receive pension benefits through the Greenwood Mills Pension Plan were notified by mail that the company has intentions of terminating pension plans as of Sept. 1. Greenwood Mills took over operations at the former West Point Pepperell Mill in Lindale in 1985. The Lindale mill, which produced cotton fabrics, remained in operation under Greenwood Mills until it closed down all operations in 2002. The letter sent out by Greenwood Mills to each former Lindale mill employee with pension benefits calls the action a distress termination. The letter also states, “The plan does not have sufficient funds to pay all promised benefits. The Pension Benefit Guaranty Corporation (PBGC), a federal government agency, will assure that you receive pension benefits that are guaranteed by law.” Former Lindale mill employees who receive Greenwood Mills pension benefits may receive additional information by contacting the company’s Executive Vice President of Finance & Treasurer, J. Thomas Davis, at (864) 941-4012. If the proposed termination does not occur on Sept. 1, Greenwood Mills Inc. will notify former Lindale mill employees in writing.
2009-08-25