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Early Warning Program Agreements

Early Warning Program Agreements

Risk Mitigation & Early Warning Program Information

Date of Agreement Corporate Parent Affected Participants
03/2017

Sears Holdings Corp

Modification: PBGC and Sears Holdings Corporation (Sears) reached a new agreement in which Sears agreed to provide additional funding and security for the company's two pension plans. In connection with the sale of Sears' Craftsman brand to Stanley Black & Decker, the Sears pension plans receive rights to a $250 million payment due to Sears three years after closing from Stanley Black & Decker and a 15-year income stream relating to Stanley Black & Decker sales of Craftsman products. In addition, Sears agreed to provide PBGC a lien on $100 million of real estate assets. Sears has the option to use a portion of the additional pension contributions to offset certain amounts of Sears' required minimum pension funding contributions. The non-Craftsman related pension protections in the 03/2016 agreement are unaffected by the new agreement.

185,464

12/2016

SUPERVALU, Inc.

Brief description: PBGC and SUPERVALU Inc. (SVU) reached an agreement in which SVU agreed to additional pension contributions to the company's pension plan, which covers more than 42,000 people.

42,555
6/2016

Alcoa Inc.

Brief description: PBGC and Alcoa, Inc. reached an agreement in which Alcoa, Inc. agreed to provide an additional $150 million contribution to the company's two largest pension plans, which cover more than 83,000 people. The additional contributions are in the form of three payments of $50 million each over a 30-month period and contributed to the Arconic pension plans.

83,447
03/2016

Sears Holdings Corp

Brief description: This agreement between PBGC and Sears Holdings Corporation (Sears) provided substantial protections for the Sears pension plan. According to the agreement, Sears agreed to continue protecting the assets of certain special purpose subsidiaries, which hold real estate and/or intellectual property assets. Additionally, the subsidiaries agreed to grant springing liens on the protected assets in favor of PBGC. The liens could be triggered only by failure to make required contributions to the pension plan, prohibited transfers of ownership interests in the subsidiaries, termination of the plan, or bankruptcy of the company or certain of its subsidiaries.

199,059
11/2015
Computer Sciences Corporation and CSRA, Inc.
23,253
07/2015
Cliffs Natural Resources, Inc.
5,527
06/2015
Gannett Co., Inc. and Gannett SpinCo, Inc.
48,004
02/2015
Hexion, Inc.
14,474
12/2014
Safeway Inc. and AB Acquisition, LLC
69,474
11/2014
Eco Services Operations, LLC
4,828
09/2014
Atkore International, Inc.
1,903
09/2014

AB Acquisition LLC and SUPERVALU Inc.

Modification: In 09/2014, PBGC amended their 2013 agreement with AB Acquisition LLC and SUPERVALU Inc. to comply with HAFTA, the new law that reduced the amount of AB Acquisition LLC and SUPERVALU Inc.'s excess contributions.

71,758
07/2014
Tribune Company
35,851
07/2014
Wausau Paper Corp. and Wausau Paper Mills
1,905
04/2014
LSI Corporation
6,392
04/2014
Ardagh Group S.A., Saint-Gobain Corporation, and Saint-Gobain Containers, Inc.
12,745
03/2014
The Talbots, Inc.
6,904
01/2013
AB Acquisition LLC and SUPERVALU, Inc.
71,758
12/2012
Smart & Final, LLC
4,950
07/2012
The Bon-Ton Stores, Inc.
8,418
07/2012
Motorola, Inc.
84,736
04/2012
Reichhold Industries, Inc.
4,758
04/2012
Lennox International, Inc.
364
09/2011
Moen Incorporated, MasterBrand Cabinets, Inc., and Fortune Brands, Inc.
3,411
08/2011
Dynegy, Inc.
3,324
05/2011

Samsonite International, SA

Modification: In 05/2011, PBGC amended their 2009 agreement with Samsonite LLC (Samsonite) to issue a replacement lien. Samsonite requested that PBGC modify the agreement to reflect a change in its secured lender, which resulted in PBGC perfecting a new lien against Samsonite in the same monetary value as the original lien.

10,848
05/2011
Del Monte Corporation
7,231
05/2011
Elkem Metals, Inc.
1,434
03/2011
A. H. Belo Corporation and Belo Corp.
9,335
01/2011
Univar, Inc. and Univar USA, Inc.
5,196
12/2010
American International Group, Inc. and FCFI Acquisition, LLC
9,000
11/2010
Motorola, Inc.
84,736
10/2010
Gates Corporation and Tomkins Corporation
12,871
09/2010
Royal Group Inc. and Arrowpoint Group, Inc.
9,269
06/2010
ANH Refractories Company f/k/a RHI Services, Inc. and Zircoa, Inc.
10,280
04/2010
Roundy's Supermarkets, Inc.
5,367