RG Steel workers should be wary of what they’ll get from PBGC
I’d like to welcome the unem- ployed workers from RG Steel to the world of uncertainty. First and foremost, I hope you find a buyer for your plant and you all go back to work if that’s what you desire. If not get ready for a struggle.
Obviously health care becomes an issue. And finding another job is always a challenge in this day and age.
But you main battle, for those of you who want to retire will be with the PBGC. Over 30-year-retirees from Republic Steel, LTV, etc., who I ended up with in Beaver Falls, have all seen their pensions reduced many as three times since our shutdown in 2002. And don’t think you’re getting what your contract says you’re getting. Us under 30-year guys, who contractually were entitled to a pension, started receiving a reduced one when Judge Economus ruled in our favor, only to have it taken away when overruled by a higher court. And when we get to 65 and can take our super reduced pension, they can take 10 percent of that by law to recoup their money they paid us.
Delphi salaried people blame Obama, but their fate will be decided by judges just as ours was. And I’ll bet their 30 to 70 percent reduced pensions are more than most of our 30-year pensions. I’ve read their letters and it’s not that I don’t think they should get what they deserve, but they sure seem to be getting a lot more help in their fight then we got. And believe me we tried to get help.
Everyone should get what they deserve. But contracts seem to only be abided by for CEO’s and upper management. “Can’t make 25 again” is a true statement and we’ve told judges and PBGC people that long before it was said by a Delphi retiree. We can’t work 30 years at another job.
So for RG Steel, I hope you find a buyer. And maybe you’ll have better luck with your retirement than we did if you don’t find one. But be prepared, because it takes a toll on you when they take benefits you’ve earned. Good luck and God bless.
Jack Thomas, Struthers
Put all that money to better use
I have a suggestion, and I hope others might agree with me.
President Obama or Mr. Romney: I will vote for the one who removes all his ads and puts the money toward our national debt. If you both do it, may the best man win.
Alice Dyce, Austintown