February 27, 2001
For Immediate Release

Congressman Kirk Applauds Quick Action by PBGC to Protect Pension Benefits of 10,000 Outboard Marine Corp. Employees

Deerfield, IL -- Congressman Mark Kirk (R-IL) today released the following statement in response to the Pension Benefit Guaranty Corporation (PBGC) decision to take over the under-funded pension plan covering more than 10,000 people who worked for Outboard Marine Corporation (OMC). The Waukegan, Illinois, based company, which employed over 1,200 at their lake front facility, filed for bankruptcy protection in December.

"I applaud the quick action of the federal government through the PBGC to guarantee that pension benefits will continue for OMC’s employees. I also understand that this action will ensure protection of the funds contributed by employees who were not yet eligible to retire."

"While the bankruptcy of OMC began a painful process, this action by our government will ensure that those most in need will have protection. I look forward to working with our state, county and city authorities on the environmental cleanup to be addressed at the OMC site and also to welcoming Bombardier and Genmar, who we hope will reemploy some of the OMC workforce."

# # #