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Chicken of the Sea adds to cannery pension plan

PAGO PAGO, American Samoa >> Chicken of the Sea International has agreed to pay more than $3.7 million over three years into the pension plan for employees of the American Samoa tuna cannery it closed in 2009.

The Pension Benefit Guaranty Corp. says the agreement adds to the security of the pensions of more than 2,300 COS Samoa Packing employees and retirees.

San Diego-based Chicken of the Sea closed the tuna packing facility in September 2009.

The Pension Benefit Guaranty Corp. said in a news release Wednesday the agreement satisfies requirements related to the shutdown.

PBGC is a federal corporation that guarantees payment of basic pension benefits earned by 44 million American workers and retirees participating in over 27,500 private-sector defined benefit pension plans.

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