Goodyear Warns of Rising Pension Costs

October 30, 2002 (PLANSPONSOR.com) - Goodyear says pension expenses are expected to increase next year.

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.

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