From Staff & Wire Reports

AKRON, OHIO -- In the face of concerns over pension failures by major corporations, Goodyear Tire & Rubber Co., which itself has a substantially underfunded pension program, says it plans to meet its obligations.

Moves earlier this week by bankrupt United Airlines to shift its multi-billion dollar pension burden on the U.S. government stirred much discussion over the fate of private pensions. Goodyear’s pension program is underfunded to the tune of $3 to $3.2 billion, according to a report in the Akron Beacon Journal.

Goodyear, though, said it plans to make a $400 million cash payment to the fund this year, and will need to add $600 million to nearly $800 million in 2006. The amount for 2006 will depend, Goodyear said, on federal government requirements.

Beyond 2006, Goodyear suggested that its future pension contributions will be “substantial,” but it did not offer dollar amounts.

The company said that it takes its pension obligations seriously, and it fully intends to continue funding its program.

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