Contrary to what it initially planned to do, American supplier Visteon announced today it will keep the pension plans for the 23,000 employees and retirees. This means the decision made in December, when Visteon said it wants to transfer three of its pension plans to the Pension Benefit Guaranty Corporation (PBGC).
The move would have shaved an aggregate shortfall of $544 million for Visteon, while the retirees would have lost $100 million in benefits because of federal limits.
Now, Viste… (read more)