PBGC Gets Funding for Chicken of the Sea Plan

February 23, 2011 (PLANSPONSOR.com) - The Pension Benefit Guaranty Corporation announced an agreement with Chicken of the Sea International to improve funding for a pension plan covering more than 2,300 of the company's workers and retirees.

The agreement, based on mutual cooperation between PBGC and San Diego-based Chicken of the Sea, serves to satisfy requirements related to the September 2009 shutdown of a tuna packing facility in American Samoa, a U.S. territory located in the South Pacific Ocean, according to a news release.  

Under the agreement, the company will pay $3.7 million to the Retirement Plan for COS Samoa Packing Company Production Employees over the next three years. The payments exceed the company’s required plan contributions.  

“Our agency is always ready to help companies improve the financial footing of the pensions they sponsor,” said PBGC Director Josh Gotbaum, in the announcement. “We hope more companies will follow Chicken of the Sea’s example in helping to shore up retirement income for their employees.”