American General Finance Inc., Evansville, Ind., will receive $4 million in additional funding for its pension plans as part of an agreement with the Pension Benefit Guaranty Corp., confirmed Marc Hopkins, PBGC spokesman.
AGF is currently a subsidiary of American International Group, which plans to sell 80% of the business to funds managed by Fortress Investment Group. The sale was announced in August but has not been finalized.
The PBGC negotiated the agreement as part of an ongoing review by the agency of AIG’s divestiture of businesses.
AIG does not separate plan assets and projected benefit obligations of its affiliates, according to AGF’s latest 10-K filing.
A phone call to Lauren Day, AIG spokeswoman, was not returned by press time.