{"id":17074,"date":"2015-02-05T09:17:24","date_gmt":"2015-02-05T09:17:24","guid":{"rendered":"https:\/\/viconsortium.com\/?p=17074"},"modified":"2015-02-05T10:08:24","modified_gmt":"2015-02-05T10:08:24","slug":"pension-agency-to-pay-hovensa-retirement-benefits","status":"publish","type":"post","link":"http:\/\/wp.viconsortium.com\/?p=17074","title":{"rendered":"Pension Agency To Pay HOVENSA Retirement Benefits"},"content":{"rendered":"<p>Pension Benefit Guaranty Corporation (PBGC), a U.S. government agency, will pay retirement benefits for more than 1,600 current and future retirees of HOVENSA.<!--more--><\/p>\n<p>The agency is stepping in because the shuttered oil refinery on St. Croix&#8217;s south shore that most recently operated as an oil-storage facility has closed its\u00a0operations and its pension plan has been\u00a0abandoned as of\u00a0Feb. 4, according to information reported\u00a0on the <span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/www.pbgc.gov\/about\/who-we-are\/retirement-matters\/\">PBGC website<\/a><\/span>.<\/p>\n<p>PBGC will pay all pension benefits earned by the plan&#8217;s retirees up to the legal limit of $60,136 annually\u00a0for a 65-year-old.<\/p>\n<p>Employees and retirees will continue to receive uninterrupted benefits from HOVENSA until PBGC assumes responsibility. Future retirees may apply for benefits as soon as they are eligible.<\/p>\n<p>According to PBGC estimates, the plan is 75 percent funded with $127 million in assets to pay $169 million in benefit liabilities. The agency is expected to cover $38.2 million of the $41.8 million shortfall.<\/p>\n<p>HOVENSA shutdown\u00a0its oil refining operations in early 2012 due to a decline in demand, but remained open as an oil storage facility. In Nov. 2014, the company&#8217;s plan to sell the plant to Atlantic Basin Refining fell through, prompting its owners to cease all operations at the plant.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pension Benefit Guaranty Corporation (PBGC), a U.S. government agency, will pay retirement benefits for more than 1,600 current and future retirees of HOVENSA.<\/p>\n","protected":false},"author":9,"featured_media":17094,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,11,191,147],"tags":[1060],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pension Agency To Pay HOVENSA Retirement Benefits - V.I. 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