Retirees' pensions slashed

Repayments also deducted from steelworkers' checks

Chicago Tribune

Hundreds of retired steelworkers from the former Republic Technologies International are being notified their pensions will be cut, in some cases by as much as 75 percent, to less than $300 a month, due to new calculations by the federal agency that guarantees employer-paid pensions.

Some of the 3,300 retirees affected by the revisions are being told they must pay back tens of thousands of dollars in pension overpayments since Republic Technologies declared bankruptcy in June 2002. The Akron-based steelmaker's obligations were picked up by the Pension Benefit Guaranty Corp., which limits payouts according to rules set by Congress.

To read the rest of this article, please click here.

Retirees' pensions slashed »