PBGC Will Meet With Participants in Geneva Steel Union Employee Defined Benefit Plan
FOR IMMEDIATE RELEASE
May 15, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Geneva Steel Union Employee Defined Benefit Plan to explain the federal pension program and answer questions. Geneva Steel owned and operated the only integrated steel mill west of the Mississippi River in Vineyard, Utah.
PBGC took over the plan on January 13, 2003, and continued uninterrupted payment of benefits to retirees. The plan covers more than 1,500 workers and retirees and is underfunded by approximately $19.7 million. PBGC uses its assets to make up the shortfall and guarantees to pay benefits as promised by the plan up to the maximum allowed by law.
The meetings are scheduled at the following site, date and times:
May 21, 2003
Session 1: 10 a.m. - 11 a.m.
At the meetings PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, etc.) that participants 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. It currently guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in about 32,500 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.
— ### —
PBGC No. 03-36