Tues. 6:30 pm: Alcoa, PBGC agree on additional $150 million pension funding
WEATHERSFIELD — The Pension Benefit Guaranty Corp. has reached an agreement with Alcoa Inc. to provide an additional $150 million in pension contributions to the companyás two largest pension plans, which cover more than 83,000 people.
“These contributions will improve the financial status of both plans and help to further secure the pensions of Alcoa’s workers and retirees,” PBGC Director Tom Reeder stated in a Tuesday news release announcing the agreement. “We’re always looking to work with plan sponsors to give people better retirement security, and we appreciate that Alcoa shared this priority and was a helpful partner in the process.”
New York-based Alcoa, which has local operations in Weathersfield, is splitting into two independent, publicly traded companies.
Read more in Wednesday’s Tribune Chronicle.