Former steelworkers suffer huge pension meltdown — 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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Former steelworkers suffer huge pension meltdown

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in Human Resources

Hundreds of retired Indiana steelworkers once employed by Republic Technologies International (RTI) recently received some unwelcome notices in the mail: Due to miscalculations, their pensions are being cut by as much as 75%—some to as little as $300 per month.

Worse, some were told they owe as much as $60,000 in overpayments back to the Pension Benefit Guaranty Corporation, which picked up the pension obligations when RTI declared bankruptcy in June 2002.

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