PACCAR Inc., Bellevue, Wash., contributed $8.2 million to its Peterbilt Local 1832 UAW Retirement Income Plan under an agreement with the PBGC, confirmed PBGC spokesman Marc Hopkins.
The agreement stems from the 2008 shutdown of the company's Madison, Tenn.-based plant.
“Whenever possible we work with companies to protect retirement benefits,” Joshua Gotbaum, PBGC director, said in a news release. “We applaud PACCAR for working with us to provide additional funding for its pension plan and peace of mind for its retirees.”
The Peterbilt plan had $75 million in assets as of March 2009, according to Money Market Directory.
A PACCAR spokesman could not be reached for comment.