Goodyear Tire & Rubber Co., Akron, Ohio, contributed 11.3 million shares of its common stock to its pension plans for salaried and hourly employees to offset underfunding, according to Keith Price, manager of business and financial communication.
According to the company’s website, its pension plans were underfunded by $1 billion as of June 30, 2001. Goodyear has $4.6 billion in pension assets, according to Pensions & Investments’ latest survey.
Goodyear also hired Northern Trust as trustee for the 15.6 million shares held in the company’s retirement plans.
