As you know, ATI has annuitized the pensions of more than 4,000 USW retirees. ATI alerted the USW of this plan on Oct. 17, 2023, less than 24-hours before issuing a news release on the morning of Oct. 18, 2023.
Annuitizing, also known as “derisking” pensions, has become more common. The USW requested more information from ATI regarding the transfer to Athene.
Lawyers from our Legal Department and from an outside firm that has represented the union in numerous pension cases are conducting a complete review of the annuitization to make sure all retirees’ rights are protected.
While we are still waiting for ATI to provide additional information so that we can then meet and discuss this further, the company confirmed that all participants should be receiving monthly payments with no additional action required.
We do not want any retirees or surviving spouses to miss a payment of a pension benefit they earned.
To date we are unaware of anyone not receiving payments due to them because of the annuitization.
Please notify the District 10 Office immediately, regardless of the facility you retired from if your payment is not made or you receive an incorrect amount. The District 10 Office telephone number is (412) 824-8140.
This issue applies solely to ATI retirees and does not impact any current ATI employees.