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Compliance June 10, 2009
Chrysler Pension Plans to Continue Under New Company
June 10, 2009 (PLANSPONSOR.com) - In a sale that
became final on June 10, the bulk of the assets of Chrysler
LLC were acquired by a new corporate entity whose equity is
owned by a group that includes Fiat Corp., the United Auto
Workers, and the U.S. and Canadian governments.
Reported by
Rebecca Moore
Chrysler’s defined benefit pension plans, which cover more than 250,000 workers and retirees, remain ongoing under the sponsorship of the new entity, the Pension Benefit Guaranty Corporation (PBGC) announced.
The sale to the new company was in question as the U.S. Supreme Court earlier this week put a hold on the sale to allow a group of Indiana public pension funds to appeal (see Indiana Pensions Win More Time on Chrysler Challenge ).
Information about Chrysler’s 10 insured pension plans and the PBGC’s benefits guarantees can be found on www.pbgc.gov .
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