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.
PBGC director Charles Millard said: "Today's agreement significantly strengthens the financial health of this plan. We commend Visteon's willingness to work with us to achieve an outcome that is favorable to its employees and retirees."
The PBGC negotiated the agreement under federal pension law provisions that permit the agency to seek protection when a plant closing causes more than 20% of covered employees to lose their jobs.
All active participants in the pension plan were separated from employment when, under its restructuring plan, Visteon ceased operations in Connersville in December 2007 and in Bedford in June 2008.
Unlike pension plans that terminate and are assumed by the PBGC, the Visteon pension plan for its Connersville and Bedford employees remains ongoing and under the company's control.
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