For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Administration June 10, 2004
Goodyear Warns of Rising Pension Costs
October 30, 2002 (PLANSPONSOR.com) - Goodyear says
pension expenses are expected to increase next
year.
Reported by Eric Hazard
That increase could be $100 million if pension assets return -10%. Through September 30, the return as been -17.5%.
Goodyear CEO Sam Gibara said pension costs will need to be offset, adding the company plans to do this through productivity gains in its tire plants.
Additonally, the company is projecting a $2 billion pension underfunding at the end of the year. The pension was underfunded $1 billion in 2001.