Under a settlement with the Pension Benefit Guaranty Corporation, Saint-Gobain Containers, Inc., has made $207.5 million of additional contributions to its pension plan.
The move helped shore up the plan’s financial standing and alleviates some of the PBGC’s concerns about the plan’s sponsor being sold to a company with fewer financial resources.
The settlement included Ardagh Group S.A., and Saint-Gobain Corp. The settlement ends ongoing litigation over the agency’s right to take control of the plan because of inadequate funding. The additional contributions improved the plan’s funding level to about 80 percent from 63 percent in 2013.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
