Federal Agency Takes Responsibility Of LTV Pensions

CLEVELAND – New information was released on Friday about LTV Steel's pension plan, 19/43 News reported.

A federal agency will take responsibility of it at the end of next month.

LTV, which was already in bankruptcy, suffered a massive shutdown in December, which included its eastside Cleveland mill and Warren coke plant. Now, the company is selling its steel assets.

LTV Steel pension plans cover over 82,000 former employees, including retirees.

The Federal Pension Protection Agency will guarantee payment of basic pension to these workers since the company has essentially gone belly-up.