US - The Pension Benefit Guaranty Corporation has reached an agreement with truck manufacturer PACCAR which has resulted in an employer contribution of $8m.
The agreement follows the 2008 shutdown of the company's Madison, Tennessee plant and is designed to improve the long-term health and stability of the Peterbilt (Nashville) Local 1832 UAW Retirement Income Plan.
Under the agreement, the company has made the $8.2m payment into the plan, far exceeding its required contribution. The plan covers 1,200 retirees and former employees.
"Whenever possible we work with companies to protect retirement benefits," said PBGC director Josh Gotbaum. "We applaud PACCAR for working with us to provide additional funding for its pension plan and peace of mind for its retirees."
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