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Compliance November 10, 2010
Chemtura Agrees to Add Funds to Underfunded Pension
November 10, 2010 (PLANSPONSOR.com) – Chemtura Corp. has agreed as part of a pact with the Pension Benefit Guaranty Corporation (PBGC) to make a $50-million additional contribution to its most underfunded pension program.
Reported by Fred Schneyer
PBGC Director Josh Gotbaum announced the deal late Wednesday afternoon.
“We are pleased both that Chemtura Corp. emerged from bankruptcy with its pension plans intact and that the company agreed with PBGC to make a $50 million additional contribution to its most underfunded plan,” Gotbaum said in the statement. ”This is a great development for the company’s 15,000 workers and retirees, because they will keep the pensions they have earned. It’s also a good day for the PBGC because some $330 million in obligations will stay with Chemtura instead of moving to the PBGC.”