Citizens Gas Offers Early Retirement to Coke Plant Employees

INDIANAPOLIS – Citizens Gas & Coke Utility announced today that it is making enhanced early retirement offers to 41 people employed or associated with its Indianapolis Coke Manufacturing Division located on Prospect Street on the city’s southeast side.

Employees age 50 and above on or before March 30, 2007, with years of service plus their age equaling 75, have been offered an unreduced pension benefit. Employees age 55 and above on or before March 30, 2007, with years of service plus their age equaling 85, have been offered an unreduced pension benefit, plus a one-time severance payment of three months of base pay. Both groups of eligible employees also are being offered health care benefits until age 65 at 20 percent of the Utility’s premium level. Eligible employees have 45 days to consider the offer, and a 7-day period to revoke their decision.

“For the past several months, Citizens Gas has been exploring its options related to the future of Indianapolis Coke. We know this has been a stressful time for our manufacturing employees. We view these enhanced early retirement offers as a way to reward eligible employees for their years of service while easing the tension they and their families have been feeling,” said Carey Lykins, President and CEO of Citizens Gas.

Lykins said the Utility continues communicating with one prospective buyer for the Indianapolis Coke plant, but it remains unclear when this process will be completed. The Utility announced last October that it is considering selling Indianapolis Coke because operating the plant no longer fits with its long-term strategy to focus on the utility service business.

Indianapolis Coke produces coke and various chemical by-products for industrial use. Coke is a pure hydrocarbon that is used as a fuel in the steel, automobile and metals fabricating industries.

About Citizens Gas
Citizens Gas & Coke Utility is a Public Charitable Trust providing efficient and reliable energy services to more than 266,000 customers in and around Marion County. The Public Charitable Trust means the utility is managed only for the benefit of customers and the community.

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