Yesterday, Sen. Franken announced a report showing that Pension Oversight Corporation Seriously Erred with Nat’l Steel Pension Plans.

The report is one of several expected from a probe into the Pension Benefit Guaranty Corporation’s handling of the pension plans.

The Pension Benefit Guaranty Corporation — a government safety net for people enrolled in troubled or failed pension plans — assumed responsibility of National Steel Company’s pension plans of more than 35,000 National Steel workers and retirees after the company declared Chapter 11 bankruptcy in 2002.

The corporation hired an outside contractor to assess the value of the pension plans, but the investigation by the agency’s inspector general found the audit was flawed and below government standards. It also found the corporation’s oversight of the contractor inadequate.

The corporation failed these Iron Range workers, Sen. Al Franken said in a statement.

“The Pension Benefit Guaranty Corporation is supposed to step in for pensioners when companies can no longer pay out the benefits employees are entitled to, and this report shows that clearly didn’t happen in this case,” Franken said. “We need to be able to count on the Pension Benefit Guaranty Corporation and feel confident that it’s doing its job with competence and integrity.”

You can read the full article online. Sen. Franken's press release is here.