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As many as 60,000 USW-represented retirees and spouses will be eligible to receive an additional $300 cash payment later this year to help offset the cost of their monthly Medicare Part B premiums.
Eligible beneficiaries include retirees, spouses and surviving spouses who lost health care coverage as a result of the bankruptcies of Bethlehem Steel, LTV Steel, Georgetown Steel and Acme Metal Products.
The payments will be made from an innovative trust fund, the Mittal Steel USA Voluntary Employees’ Beneficiary Association (VEBA), which was established in 2002 through negotiations between the USW and International Steel Group. ISG has since been acquired by Mittal Steel USA.
The benefit payment will be equal to $25 for each month in which a Part B premium was paid by an eligible beneficiary in the twelve month period from July, 2006 through June, 2007. The benefit, which follows a similar benefit paid in December of last year, will be paid from surplus contributions to the VEBA trust fund due to favorable steel prices and production levels at Mittal Steel USA.
“This is another example of how our union’s active members continue to work innovatively to honor the contributions made by our retirees,’’ USW President Leo W. Gerard said. The cash payments will be distributed to eligible applicants in December, 2007.
Thomas F. Duzak, director of pension and benefits for the USW, said information packets, including an application form, will be mailed to eligible beneficiaries within a week.
Completed applications must be postmarked no later than Friday, August 31. Duzak urged beneficiaries to apply as soon as possible since the Aug. 31 deadline will not be extended nor will late applications be accepted.
Questions regarding the eligibility rules and the application process should be directed to the VEBA by calling 1 (877) 474-8322.
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RETIREE BENEFIT WATCH
