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Former Visteon Employees In Bedford Have Pensions Backed Up

Last updated on Tuesday, January 6, 2009

(WASHINGTON, DC) - Visteon pension holders in Bedford can breathe a little sigh of relief.

CNNMoney.com reports Visteon and the Pension Benefit Guaranty Corporation in Washington have come to a settlement valued at $55 million dollars aimed toward Visteon's former employees at their Connersville and Bedford manufacturing facilities.

Visteon is looking at dire financial straits during the auto industry crash, however, the agreement keeps pension holders in Bedford safe, and keeps tens of millions of dollars in pension obligations from falling to government responsibility.

Visteon will provide $10.5 million in cash, a $15 million letter of credit, and remain responsible for $30 million in contingent pension obligations.

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