News & Policy

Pension Benefit Guaranty Corporation (PBGC) representatives will meet with former workers and retirees covered by Northwestern Steel Pension Plans A (hourly employees) and B (salaried employees) on November 13-15, 2001, to explain the federal pension insurance program and answer questions.

PBGC took over the Northwestern plans on September 4, 2001, and continued uninterrupted payment of benefits to retirees. The two plans cover about 4,600 people and are underfunded by approximately $160 million. PBGC uses its assets to make up the shortfall.

Meetings are scheduled as follows for people covered by the plans:

All sessions will be held at the Sterling Coliseum, 212 Third Avenue, Sterling, Illinois. Participants will receive additional information about the meetings by mail.

At the meetings, PBGC will copy and certify any proof documents (birth and death certificates, marriage licenses, etc.) that future retirees bring to the meetings. Anyone with questions should contact PBGC's Customer Service Center at 1-800-400-7242. For hearing-impaired TTY/TDD users, call the federal relay service toll-free at 1-800-877-8339 and ask to be connected to 800-400-7242.

PBGC is a federal corporation created under the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by about 43 million American workers and retirees participating in nearly 38,000 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.