Feds ask former steelworkers to pay up for government’s mistake — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Feds ask former steelworkers to pay up for government’s mistake

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in Human Resources

Hundreds of retired steelworkers in Pennsylvania, Illinois, Indiana, Ohio and New York have been notified that their pensions are being cut by as much as 75% due to miscalculations by the federal government.

Worse, some were told they owe as much as $60,000 in overpayments back to the Pension Benefit Guaranty Corporation (PBGC), which picked up their pension obligations when Akron, Ohio-based Republic Technologies International declared bankruptcy in June 2002.

U.S. Sen. Sherrod Brown, D-Ohio, asked Congress to consider changing the PBGC rules after a constituent received a bill for $53,415.60.

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