Pactiv Pension Plan

Pactiv Pension Plan

The Pactiv Pension Plan historically provided pension coverage to salaried employees of Pactiv Corporation and its predecessor, Tenneco Packaging, covering service prior to April 12, 1999. Packaging Corporation of America later adopted a successor plan effective May 1, 2004, leaving the original plan frozen. The plan is sponsored by Pactiv Evergreen Inc., which Graeme Hart controls through Packaging Finance Limited. Asset-level detail on the plan’s investment portfolio is not publicly disclosed, and no separately published financial statements were identified. The sponsor’s line of business — food, beverage, and specialty packaging manufacturing — suggests a liability profile typical of a frozen corporate pension, though the plan’s funded status and asset allocation remain private. The plan operates in the context of a significant corporate restructuring: in 2024-2025, Pactiv Evergreen entered a going-private transaction with Novolex, which Apollo Global Management majority-owns. CPP Investments contributed $1 billion to the merger, creating a combined packaging entity that will ultimately oversee the pension obligations (per Altss research, 2025). The plan’s assets are held in Lake Forest, Illinois. The plan’s structural differentiator is its frozen status and the shift in sponsor ownership from a publicly disclosed entity to a private merger vehicle backed by institutional capital. This governance transition may alter the plan’s oversight and risk-management posture, though terms of the merger’s impact on pension obligations have not been detailed publicly.