Compliance February 9, 2011
PBGC Gets Pension Funding from Peterbilt Parent
February 9, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation has reached an agreement with PACCAR Inc. that strengthens a pension plan covering more than 1,200 retirees and former employees at one of the company's Peterbilt truck facilities.
Reported by Rebecca Moore
The agreement stems from the 2008 shutdown of the company’s Madison, Tennessee, plant and is designed to improve the long-term health and stability of the Peterbilt (Nashville) Local 1832 UAW Retirement Income Plan, according to a PBGC news release. Under the agreement, the company recently made an $8.2 million payment into the plan, far exceeding the company’s required contribution.
“Whenever possible we work with companies to protect retirement benefits,” said PBGC Director Josh Gotbaum, in the announcement. “We applaud PACCAR for working with us to provide additional funding for its pension plan and peace of mind for its retirees.”