US - The Pension Benefit Guaranty Corporation (PBGC) has agreed to provide additional protection for Visteon Corporation's pension plan - covering more than 5,300 former employees of the automotive supplier's closed facilities in Connersville and Bedford, Indiana.
Under the accord, Visteon will accelerate a US$10.5m cash contribution to the plan, provide a US$15m letter of credit and provide for a guarantee by certain affiliates of certain contingent pension...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date