PBGC Will Meet With Participants in the National Steel Pension Plans
FOR IMMEDIATE RELEASE
January 05, 2004
Pension Benefit Guaranty Corporation (PBGC) representatives will meet with current and former workers and retirees covered by the National Steel Corporation Retirement Program and National Steel Corporation Pension Plan - Hourly Employees to explain the federal pension program and answer questions. There will be meetings specifically for retirees whose benefits will be adjusted and general meetings for all other participants.
PBGC took over the plans on May 31, 2003, and continued uninterrupted payment of benefits to retirees. The plans cover about 16,000 people and are underfunded by approximately $985 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.
Benefit Adjustment (Salaried)
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. 04-18