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Industry: Email Alert RSS FeedPROTECTING DB: Automaker uses cars as collateral.(Brief Article)
Pensions & Investments, March, 2005 by Braude, Nicholas
Byline: Nicholas Braude DaimlerChrysler AG, Stuttgart, is protecting its German pension plans with Dodge Vipers, Mercedes-Benzes and Chrysler minivans. Well, sort of. The automaker is using e295 million ($392.6 million) worth of company cars as collateral to bolster its German pension scheme, according to the company's annual report.
Its German pension plans had total assets of about e9 billion as of Dec. 31, at which time those plans were underfunded by e3.6 billion. The filing said DaimlerChrysler pledged the cars in 2004 as a result of a new requirement to provide collateral for some vested employee benefits. Under a German law for "part-time work prior to retirement,'' employers must secure debts to their workers to protect "against the risk of...
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