FINDLAY The government agency that regulates defined benefit pension programs has agreed to a settlement deal with Findlay-based Cooper Tire & Rubber Co. to resolve a $62 million shortfall in its pension plan that resulted, in part, from its closure of a plant in Albany, Ga.
The Pension Benefit Guaranty Corp. said it had negotiated a deal with Cooper that allowed the company to make an additional $39 million payment into its Spectrum Retirement Plan, which covers about 7,000 active and retired employees of the tire maker. The PBGC agreed to waive a $23 million carryover balance that could have reduced future funding contributions, the agency said.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.