WARREN, Ohio (WKBN) – Pensions will be restored for 1,350 people who worked at RG Steel facilities in Warren and Wheeling, West Virginia, Sen. Sherrod Brown (D-Ohio) announced.
The Pension Benefit Guarantee Corporation (PBGC) reached the agreement on Friday.
RG Steel, a subsidiary of Renco Group Inc., filed for bankruptcy in May 2012, costing many workers their earned pensions. PBGC took over the plans in 2012, which at the time had a shortfall of about $70 million in 2012.
Per the settlement, Renco will take the plans back as of June 1, 2016, pay all future benefits promised to the former employees and make back payments for benefits not guaranteed by PBGC. Renco will also reimburse PBGC for payments made during the time PBGC oversaw the plans, according to a new release from Sen. Brown’s office.
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