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I think I'd want to take the pump apart and look for other signs of rust. Rust is something you don't want in a saltwater tank. If the insides look good maybe you can just change out the screws to something that won't rust. Probably only the screws in your case are a concern. A trip to HD or Lowes will probably solve that problem.
I've used a couple of the Pond Master pumps with good success in my reef tanks and haven't noticed any rust. I just cleaned my 9500 last night which was put in service in September and it doesn't show any signs of rust. As RichT pointed out in my case it's really the same pump anyway.
mookie i think you are talking about mag pumps, i have 2 and they give the same problem and i read that other people have the same problem, just take it out of tank give a good cleaning and change the screws to plastic screws and you will have a pump that work for years without a problem