News & Policy

WASHINGTON - Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by the Weirton Steel Corporation Retirement Plan (001) and National Steel (Weirton 056) Plan to explain the federal pension program and answer questions.

PBGC took over the Weirton Steel Corp. Retirement Plan, which covers about 9,200 workers and retirees and is underfunded by approximately $825 million, on October 21, 2003. PBGC took over the National Steel plan, which covers about 12,000 workers and retirees and is underfunded by $212 million, on December 5, 2002.

PBGC continued uninterrupted payment of benefits to retirees using its assets to make up the shortfall and guaranteeing promised benefits up to the maximum allowed by law.

The meetings will be held as follows:

At the meetings, PBGC will copy and certify any proof documents (birth, death, and marriage certificates, etc.) for those participants who have not yet retired. Anyone with questions should contact PBGC's Customer Contact Center at 1-800-707-7242. For hearing-impaired TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 800-707-7242. If you plan to attend the meeting and require an interpreter, please call the Customer Contact Center at the number above.

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 over 31,000 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.