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PBGC proposes plan for funding 3 LTV pensions. (Pension Benefit Guaranty Corp.; LTV Steel Co.'s pension plans Jones & Laughlin Hourly, Republic Steel Hourly, and J&L Salaried)
Crain's Cleveland Business, November, 1990 by Prizinsky, David
PBGC proposes plan for funding 3 LTV pensions The Pension Benefit Guaranty Corp. has proposed a 30-year, $3.1-billion payment plan for LTV Steel Co. that would return three of the steelmaker's pension plans to solvency. The proposed payment schedule calls for a cash payment of $575 million on Jan.
1, 1991, and quarterly payments thereafter starting at $8 million and escalating to a high of $72.5 million per quarter until Jan. 15, 2021. The PBGC, the federal agency which insures the payment of benefits tied to defined-benefit plans, last week sent the proposal to officials of LTV Steel's parent company, LTV Corp. The PBGC is required by law to develop payment schedules for pensions that the agency has terminated and then restored. LTV Steel will need until...
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