The United Steelworkers of America can intervene in the PBGC's move to take over the pension plan of EVTAC Mining Co., a federal judge in Duluth, Minn., ruled last week. The USWA was authorized to participate as a defendant, along with EVTAC subsidiary Thunderbird Mining Co., in a lawsuit challenging the PBGC's move. The union feels the PBGC's scheduled takeover date of July 24, 2003, was premature, said David Jury, USWA assistant general counsel. The PBGC in July announced it would assume responsibility for the $62 million Thunderbird pension plan.
The plan is 52% funded, the PBGC said, and the agency expects to be liable for about $37 million of the plan's $126 million in liabilities. EVTAC filed for Chapter 11 bankruptcy protection on May 1.
