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News & Policy

PBGC Will Meet with Participants in Empire Steel Pension Plans

June 13, 2002

Pension Benefit Guaranty Corporation (PBGC) representatives will meet with workers and retirees covered by the Pension Plan for Salaried Employees of Empire Specialty Steel, Inc. (salaried employees) and Pension Plan for Hourly Rated Employees of Empire Specialty Steel, Inc. (hourly employees) to explain the federal pension insurance program and answer questions.

PBGC took over the underfunded pension plans on August 31, 2001, and continued uninterrupted payment of benefits to retirees. The plans cover about 2,500 people and are underfunded by approximately $500,000, according to PBGC estimates. PBGC uses its assets to make up the shortfall and guarantees to pay benefits as promised by the plans, up to the maximum allowed by law.

Meetings are scheduled at the following site and dates for people covered by these plans:

Ramada Inn and Conference Center
30 Lake Shore Drive East
Dunkirk, NY 14048
Phone No.: (716) 366-8350

Monday June 24, 2002 -- 7-8 p.m.
Tuesday, June 25, 2002 -- 10-11 a.m. and 7-8 p.m.
Wednesday, June 26, 2002 -- 10-11 a.m.

At the meetings, PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, etc.) that future retirees bring to the meetings. Anyone with questions should contact PBGC's Customer Service Center at 1-800-400-7242. For hearing-impaired TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 800-400-7242.

PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by about 44 million American workers and retirees participating in more than 35,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and investment returns.

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PBGC No. 02-24