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PENSION PROTECTION
PENSION PLANS PENSION FACTS SERVICES |
Within the last five years, dozens of steel plans have gone under and been picked up by government guarantee programs. Since 2001, the government-run Pension Benefit Guaranty Corporation (PBGC) has terminated the pension plans of at least 14 steel producers. In fact, the steel industry alone has accounted for 56 percent of all PBGC claims, despite having less than 3 percent of participants. In 2002, Bethlehem and National Steel pension plans terminated with combined underfunding of over $5 billion. These terminations and subsequent transfers affect the benefits of 250,300 pension recipients whose plans were underfunded by a combined $9.8 billion. With 95,000 participants and $3.5 billion in plan assets, the trusteeship of the Bethlehem Steel pension plan was the single largest loss since the formation of the PBGC three decades ago. | |
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