PBGC Will Meet With Participants in Bethlehem Steel Pension Plan
FOR IMMEDIATE RELEASE
November 23, 2003
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with current and former workers and retirees covered by the Bethlehem Steel Pension Plan to explain the federal pension program and answer questions. There will be two types of meetings: benefit adjustment meetings for retirees whose benefits will be adjusted and general meetings for all other participants.
PBGC took over the plan on April 30, 2003, and continued uninterrupted payment of benefits to retirees. The plan covers about 95,000 people and is underfunded by approximately $4.2 billion. 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.
For meeting times, dates and locations, see attached schedule.
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 1-800-453-9584. For hearing-impaired TTY/TDD users, call the federal relay service toll-free at 1-800-877-8839 and ask to be connected to 800-453-9584.
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.
[Schedule - PBGC Meetings with Bethlehem Steel Pension Plan Participants]
PBGC No. 04-12
PBGC Meetings with Bethlehem Steel Pension Plan Participants
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PBGC No. 04-12
