Only the text will be converted though special effects from PageMaker will not be converted. RTF documents can be imported to Microsoft Word, or similar word processor and saved in DOC format (or any other actually). However, the program can export its own PMD format to RTF (Rich Text Format), which should be enough for the purposes of transferring the document.
Old Adobe PageMaker does not support saving Microsoft Word formats. Conversion of Adobe PageMaker PMD files to Microsoft Word.