[Editors Note: At our last luncheon in April there were concerns expressed regarding the Raychem/Tyco annunity pension plan, in relation to the current problems being experienced by Tyco International. Al Hausner undertook the project of gathering information. Below is his assesment to date. As he finds out more we will post it on the Raychemers website.]

Subject: Raychem pensions paid by TYCO.

I have heard from Herb Burkard who has done some checking and reports that there is a very slim possibility that pensions will be in trouble and there is a government guarantee (up to a reasonable limit) in the event of default.

Seperately I had contact with Government agencies and with a manager of TYCO in Harrisburg. TYCO is not on the list of pension defaulters. If it were to get on the list Herb is right (current limit is $43,000/PA). The manager I spoke with assured me there is no problem and acknowledged that they were working on a communication with their employees. They are anxious he said to eliminate the worry about pensions which might make employees less productive. I explained our concern and he said he would bring it to the attention of the appropriate executive and we might also be hearing from them.

If I learn more I'll pass it on meantime my own concerns are lessened in spite of the latest shenanigans or maybe in part because of them.

Al Haussener