Pensions & Investments magazine reports that Goodyear’s pension plan is badly underfunded, and that the tiremaker will contribute between $275 million and $325 million to its global pension plans in 2010.
Goodyear had contributed $430 million to its plans in 2009, the magazine reported.
In its most recent 10-K report, Goodyear said it had $3.4 billion in assets and $5.3 billion in liabilities for its U.S. pension plan as of Dec. 31, and $1.7 billion in fair value of plan assets and $2.5 billion in projected benefit obligations for its non-U.S. pension plans, P&I reported.
Last year, Goodyear closed its defined benefit pension program to U.S. employees hired after Aug. 31, replacing it with a contribution-based program.