"v" PBGC 

Protecting America". Pen.lons 

Pension Benefit Guaranty Corporation 

1200 K Street, N.W., Washington, D.C. 20005-4026 

www.pbgc.gov 

April 23, 

Re: Appeal 2008-0084, Case 196048 

The Goldman Financial Group Inc., Retirement Plan (the 

"Goldman Plan") 

Dear '-1 -------,1: 

Th~Appeals Board has reviewed your appeal of 

October LJ, 2007 determination that you are not entitled to 

benefit. As explained below, we are granting your appeal. 

PBGC's Determination 

PBGC's 

a Plan 

You asked for a benefit based on Broderick Co. employment from 

December D, 1965 through Februaryc=J, 1992. PBGC found provisions 

from the Goldman Plan's predecessor, the "Local 2045 Plan" 1 apply. 

PBGC determined: 

• The Local 2045 Plan excluded from vesting service employment 

before its July I, 1988 effective date. 

• Beginning July I, 1988, you earned only 4 years of vesting 

service through February[], 1992. 

• The Local 2045 Plan required 5 years of service for a benefit. 

PBGC concluded you are not entitled to a benefit. 

Your October [J, 2007 Appeal 

You asserted all of your 1965-1992 employment should be used 

for vesting. You cited a June 17, 1986 labor agreement between 

Local Union 2045 and Broderick Co. 

1 the United Steelworkers Local Union No. 2045 pension plan, 

effective July I, 1988 
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Factual Findings 

Earnings Data 

Your Social Security earnings records indicate substantial 

earnings and continuous employment as follows: 

I Period I Employer I 

1965 4th quarter - 1986 Harsco Corporation 

1986 - 1992 Broderick Co Inc. Bankruptcy 

Your earnings records substantiate the employment period you 

claim, from December 0, 1965 to February D, 1992. We also found 

7 other Local 2045 Plan participants with similar employment ending 

exactly on the February [J, 1992 date you claim. 

20 Other Participants Vested With Similar Employment 

PBGC has already determined to be vested 20 other 

participants: (i) who earned 4 or fewer years of service while 

employed under Local 2045 Plan, and (ii) who previously earned 

vested benefits under the prior Broderick Plan, which terminated 

August 29, 1986. Moreover, of the 20 PBGC found vested: 

• For all, PBGC used hire dates in 1965, like yours, or later. 

• For all, service for calculating benefit amounts began on the 

Local 2045 Plan's effective date, July 1, 1988. 

• The employment of one ended FebruaryD, 1990. 

of 14 more ended on or before the February 0, 

used for you. 

June 17, 1986 Labor Agreement 

The 1986 labor agreement you cited states: 

The employment 

1992 date PBGC 

"A new Pension Plan, substantially the same as the 

previous Broderick Co., Division of Harsco Corporation 

Pension Plan (Prior Plan), will start as of July 1, 1988. 

The new Pension plan will be based upon a normal 

retirement benefit $14.50 per month per year of service 

beginning with service after July 1, 1988." 

"The number of years of service credited for vesting 

purposes under the Prior Plan will be credited as years 

2 the Broderick Hourly Employees Pension Plan, formerly The 

Harsco Corporation, Broderick Division Hourly Employees Pension 

Plan and Declaration of Trust 
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of service for vesting purposes under the new Pension 

Plan." 

21 Years Benefit Service in 1986-Terminated Broderick Plan 

We obtained documents from the Broderick Plan's 1986 

termination, showing: 

• 

• 

• 

• 

Your "entry date" was December 0, 1965, 

Your accrued benefit was $304.50 {$14.50 rate x 21 years}, 

The lump-sum value of the $304.50 benefit was $6,032.61, and 

You were paid the $6,032.61 in December 1986. 

Broderick Plan Provisions Before June 17, 1986 

The following provisions are taken from the Broderick Plan 

document in effect when it terminated in 1986. 3 For simplicity, we 

describe the rules for participants such as you who were hired 

after age 21 and who earned at least 1 hour of service after 

January 1, 1986. 

• For a participant whose continuous service was broken in 1986, 

the amount of his Deferred Vested benefit was determined using 

a $14.50 benefit rate for each year of continuous service. 

(section 2.1) 

• Credi ted service for vesting ("vesting service") was measured 

on the same basis as continuous service. {section 3.5} 

• Continuous service on and after January 1, 1975 was measured 

by counting calendar years where an Employee was paid for at 

least 1,000 for the performance of duties. {section 3.2} 

Discussion 

The Board found: 

• You earned approximately 21 years vesting service under the 

Broderick Plan from 1965 through its termination in 1986. 

• Your Broderick employment was uninterrupted between 1986 and 

1988. 

• The 4 years vesting service PBGC determined you earned from 

1988-1992 is consistent with your Social Security records. 

• The 1986 labor agreement explicitly requires including vesting 

service from the Broderick Plan before its 1986 termination. 

The Board concluded PBGC must include in your Plan vesting 

service the approximately 21 years you earned under the Broderick 

3 Pension Agreement between Broderick Co., Division of Harsco 

Corporation, and USWA Local Union No. 2045, effective June 1, 1985. 
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Plan. Thus, you earned more than the 5 years required for a vested 

benefit. This conclusion is consistent with PBGC's practices 

finding vested 20 other Local 2045 plan participants with 

employment histories similar to yours. . 

Therefore, we are changing PBGC's determination: The benefit 

you accrued from 1988-1992 4 under the Local 2045 Plan, predecessor 

to the Goldman Plan, is 100% vested. 

Decision 

Having applied Plan provisions to the facts in your case, we 

are granting your appeal. You are entitled to a 100%-vested plan 

benefi t. PBGC will determine your benefit amount. Your new 

determination will include a 45-day right to appeal. Than~ou for 

your patience while we carefully reviewed your October LJ, 2007 

appeal. 

Sincerely, 

William D. Ellis 

Appeals Board Member 

Enclosure: 

(1) Excerpt from June 17, 1986 Agreement between Broderick 

Co., Inc. And USW Local 2045 

4 The 1986 labor agreement excluded your pre-1988 employment 

from Local 2045 Plan benefit service, thus avoiding any duplication 

of benefits already earned under the terminated Broderick plan.