Re : Appeal ~e~ublic Retirement Plan (the "Plan" ) 

The Appeals Board has reviewed your appeal of PBGC's 

January 20, 1999 determination of your benefit under the Plan. For 

the reasons we state below, the Board changed PBGC's determination 

by increasing your monthly benefit payable as a Straight Life 

Annuity ("SLA" ) at your earliest unreduced retirement age (621 from 

$816.34 to $912.20, and thereby increasing your monthly PBGC 

benefit payable as an SLA starting on your actual retirement date 

(May 1, 1999) from $456.25 to $509.83. 

Determination and ARD~~ 

PBGC's determination letter said that you were entitled to a 

monthly benefit of $816.34 beginning on May 1, 2006, your earliest 

unreduced retirement date, payable as an SLA, which provides a 

benefit for your lifetime and no survivor benefit. PBGC explained 

that your benefit amount would be lower if payments began at an 

earlier date or included a survivor benefit. PBGC included a 

benefit statement showing the data and formulas PBGC used to 

determine your monthly benefit. 

PBGC's files show that you elected to start receiving your 

PBGC benefit on May 1, 1999, and that since that date, PBGC has 

been paying you a monthly estimated benefit of $456.25 as an SLA. 

Your January 31, 1999 appeal said that your "Notice of 

Eligibility for Deferred Vested Pension" form, which you received 

from LTV Steel Corporation ("LTv"), shows that you are entitled to 

a Deferred Vested Pension of $903.60 at age 62 rather than the 

lower $816.34 amount determined by PBGC. 

Discussion 

The Appeals Board reviewed PBGC'S and LTV1s calculation of 

your Plan-defined benefit. The Board found that the main reason 

LTV's monthly amount under the Plan's "1.5% pensionn formula is 

higher than the amount calculated by PBGC is that LTV applied a 

lower estimated Social Security Benefit ("SSB") amount. 
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'? The Appeals Board recalculated your SSB in accordance with the 

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I. Plan's provisions and all available data in PBGC files regarding 3 your lifetime annual earnings. The Board found that PBGC 

,D overstated your SSB because PBGC used a level-future-earnings 

assumption instead of the zero-future-earnings assumption required 

by the Plan's provisions. 

Using PBGC software for calculating SSB amounts, the Appeals 

Board found that your correct SSB is $405, which is very close to 

LTV's amount of $402. Because the Board does not have a complete 

history of your lifetime Social Security earnings, the Board 

decided to accept LTV's calculation of your SSB amount. 

The Enclosure shows the Appeals Board's recalculation of your 

Plan-defined 1.5% Pension amount, using LTV's $402 SSB amount, and 

the benefit formula and other data that PBGC used to calculate your 

1.5% Pension. 

Decision 

Having applied Plan provisions to the facts of this case, the 

Appeals Board changed PBGC's determination by increasing your 

monthly benefit payable as an SLA at your earliest unreduced 

retirement age (62) from $816.34 to $912.20, and thereby increasing 

your monthly PBGC benefit payable as an SLA starting at your actual 

retirement date (May 1, 1999) from $456.25 to $509.83. 

This is the agency's final decision regarding the issue you 

raised in your appeal. You have exhausted your administrative 

remedies and may, if you wish, seek court review of this decision. 

When the Insurance Operations Department, the PBGC group 

responsible for benefit payments, receives a copy of this letter, 

they will increase your monthly benefit to $509.83, and pay you an 

additional amount to reimburse you for previous underpayments. 

We appreciate your patience while we completed our review. If 

you have additional questions, please call PBGC's Customer Service 

Center at 1-800-400-7242. 

Sincerely, 

Michel Louis 

Appeals Board Member 

Enclosure