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...
In anticipation of the potential for Hurricane Sandy to shut down payment processing centers, the agency started sending checks days ahead of our regular schedule.
About 140,000 benefit payment checks are sent from our offices to benefit payees on a monthly basis. With Hurricane Sandy making a strong impact in our region, there is some risk that delivery of those checks may be delayed.
What we're doing: We're seeking more detail about how far into the distribution process the checks got over the weekend. We're also monitoring the USPS website to assess the impact of Post Office closings to PBGC payees. We will also provide data to the Customer Contact Center (1-800-400-7242) if there are major impacts.
On the other hand, there are no delays for those with direct deposit. We strongly encourage everyone who receives their benefit via check to switch to direct deposit through MyPBA (My Pension Benefit Account). It's timely, safe & secure.
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).
Here's what made headlines this week in pension news:
The New York Post publishes, "Biz gets pensions break."
"Going to work for the government has always come with an ironclad promise: Your pension benefits will be there when you retire," The Sacramento Bee.
There are a number of websites and online tools to help with retirement planning. In particular, retirement calculators are one of the most useful tools in helping future retirees figure out how much to save for retirement. Although this tool, in its many variations, can be extremely helpful, very few actually provide detailed instructions on how best to use them. Fortunately, CBSNEWS.COM features Steve Vernon's tips on using retirement calculators:
- Tip #1: What rate of return do you expect on your retirement savings?
- Tip #2: When do you expect to retire?
- Tip #3: How long will you live?
- Tip #4: How much retirement income do you need?
- Tip #5: Should you include Social Security benefits?
Read the CBSNEWS.COM full article:http://www.cbsnews.com/8301-505146_162-57494187/5-tips-for-using-retirement-calculators/.