Thursday, Sep 29, 2016
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Economy

Goodyear to freeze pensions at end of 2008

AKRON Goodyear Tire & Rubber Co. said yesterday it will freeze pensions and require salaried retirees in the United States to contribute more for health coverage.

Goodyear said the changes will be phased in over two years, with the pension plan frozen at the end of 2008 and replaced with enhanced 401(k) savings accounts with company contributions.

Goodyear plans to record a $65 million charge in the first quarter related to those actions, which it expects to reduce the pension obligation by about $100 million and other post-retirement benefi ts by $525 million.

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