Federal Firm Assumes Gulf Pension Plans

The pension plans of Gulf USA Inc. now are under the control of the federal Pension Benefit Guaranty Corp.

The pension plans for 1,000 workers will be administered from the Washington, D.C.-based agency. Gulf and subsidiary Pintlar went bankrupt in 1993, leaving the pension plans underfunded by $13.3 million.

Gulf pensioners worked at the huge Bunker Hill lead, zinc and silver mine in the Silver Valley until it closed in the early 1980s.

“Retirees and others covered by the Gulf USA plans can be assured that PBGC will provide their pensions now and in the future,” said Martin Slate, executive director of the company.

Most pensioners will receive the same benefits they do now. Some who retired from Gulf or Bunker Hill before age 65 could have their benefits cut because the corporation doesn’t fully guarantee supplemental benefits for early retirees.

The three pension plans Gulf has for steelworkers, craft workers and salaried employees have assets of $10.3 million but have liabilities of $23.6 million.

The maximum pension for workers who retired after age 65 would be $29,250 a year. Any retiree with questions about the change of pension management should call the customer service center at (800) 400-7242.

, DataTimes