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.
PBGC will pay all pension benefits earned by the organization's retirees up to legal limits, including a maximum guarantee limit of about $56,000 a year for a 65-year-old. The Warren Plan has 1,208 participants. The Wheeling Plan has 146 participants.
Participants with questions about their pension benefits should contact PBGC Customer Service at 1-800-400-PBGC (7242).
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