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LTV Must Fund Pension Plans

September 22, 1987|United Press International

WASHINGTON — The government today ordered steel and defense giant LTV, the nation's No. 2 steel maker, to resume funding of three pension plans covering 100,000 workers and retirees and accused the company of dumping the plans to enhance profits.

"The federal government will not tolerate any interruption in benefit payments to retirees," said a stern Kathleen Utgoff, executive director of the federal Pension Benefit Corp. The plans were terminated Jan. 13, 1987, after LTV filed for protection under federal bankruptcy laws in July, 1986. The agency said LTV had operating profits of $252 million for the first half of 1987, two-thirds of it attributable to LTV Steel.

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