PBGC will pay retirement benefits for more than 1,300 current and future retirees of RG Steel, the nation's fourth-largest flat-rolled steel producer with steelmaking facilities located in Sparrows Point, Md.; Warren, Ohio, and Wheeling, W.Va. Additional finishing facilities are in Yorkville and Martins Ferry, Ohio.
RG Steel and its seven affiliates are liquidating in bankruptcy. PBGC has trusteed the two pension plans RG sponsored - the RG Steel Warren, LLC Hourly Employees Pension Plan ("Warren Plan") and the RG Steel Wheeling, LLC Pension Plan ("Wheeling Plan").
In bankruptcy, RG Steel has sold practically all of its assets. Most of the buyers are liquidators, none of which assumed the pension plans. PBGC initiated termination because of RG Steel's liquidation in bankruptcy and the forthcoming abandonment of the pension plans. More...
Were you collecting or planning to collect a pension from Pemco World Air Services Inc.? If so, we've got news for you.
As of Wednesday, October 3, 2012, PBGC became the trustee of the Pemco World Air Services Inc. Pension Plan, which has some 1,252 participants, including 380 retirees.
Headquartered in Tampa, Florida, Pemco primarily provided aircraft maintenance, repair and overhaul services to commercial air carriers.
The company filed for bankruptcy on March 5, 2012 and the bankruptcy court approved the sale of their assets on August 9, 2012.
PBGC will pay all pension benefits earned by the company's retirees up to the legal limit of $56,000 a year for a 65-year-old.
Participants with questions about their pension benefits should contact PBGC Customer Service at 1-800-400-PBGC (7242).
Hawker Beechcraft, a manufacturer of commercial business jets based in Wichita, filed today for Chapter 11 bankruptcy protection.
Bankruptcy is a time of uncertainty, especially for a company's workforce.
Let's be clear. Bankruptcy does not necessarily mean a company's pensions will end. Many companies have emerged from Chapter 11 as successful businesses, while keeping their pension promises. Some recent examples are Northwest Airlines, auto-parts maker Visteon, and chemical manufacturer Tronox.
PBGC will be working with Hawker Beechcraft management and its lenders so that the company can reorganize successfully without undermining the retirement security of its workforce.
If you have a benefit from Hawker Beechcraft, your pension plan is ongoing under the company's sponsorship. If you have a question about your individual pension, contact the Hawker Beechcraft plan administrator. If you have questions about PBGC and your insurance coverage, see our frequently asked questions or Your Guaranteed Pension.