PBGC Will Meet with Participants in National Steel Pension Plan
FOR IMMEDIATE RELEASE
October 29, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with current and former workers and retirees covered by the Pellet Hourly Wage Employees' Pension Plan and the Pellet Salaried Employees' Pension Plan (National Steel) to explain the federal pension program and answer questions.
PBGC took over the plans on May 31, 2003, and continued uninterrupted payment of benefits to retirees. The plans cover about 1,953 people and are underfunded by approximately $84.9 million. 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.
Hibbing Park Hotel
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 1-800-707-7242. For hearing-impaired TTY/TDD users, call the federal relay service toll-free at 1-800-877-8839 and ask to be connected to 800-707-7242.
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.
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PBGC No. 04-05