Legal Question in Employment Law in Minnesota

pension from PBGC
After a sale of assets by National Steel to United States Steel, (20) salaried employees were terminated by US Steel and National Steel. In a pension agreement between National Steel and the salaried employees a normal early retirement option was available immediately if the employee 1)had over 20 years of service and was at least 45 years old (which most of us met this condition) 2)employees were terminated because of a permanent closing of a plant and not offered a comparable job at another facility. Because of a bankruptcy by National Steel, the PBGC has taken over the pension plan and will not payout the a normal pension to those that qualify for the early pension option because they claim National Steel did not permanently close they sold assets. How could National have not permanently closed their operations if U S Steel is now the owner and operator of all their assets? Do these 20 employees have a case against the PBGC?

Asked on 3/04/06, 9:52 pm

David Anderson Anderson Business Law LLC

0 users found helpful

0 attorneys agreed

Re: pension from PBGC

A review of the pension documents and buy-out review would be necessary. IS there a collective bargaining agreement in place?

Was there a WARN notice given.

Call or e-mail for further assistance.

Answered on 3/06/06, 12:00 am

Keywords

Match Any Match All

Country

State

Area of Law