Republic Technologies retirees see red over pension reductions

Canton Repository

CANTON When it comes to pensions, the word "guarantee" is wearing a little thin on Republic Technologies International retirees.

Hundreds of Steelworkers locally, and perhaps thousands across Republic's three-state footprint, have been receiving letters from the Pension Benefit Guaranty Corp., telling them that their pensions are going to be slashed.

Michael Ehret, 55, worked more than 22 years at the caster in the Eighth Street NE plant in Canton. He retired in 1999 because a $700 monthly bonus was offered to those 45 and over with 20 years of service.

"I wouldn't have retired if I didn't think it was guaranteed," he said.

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Republic Technologies retirees see red over pension reductions »