R.R. Donnelley whittles away at expected pension contribution
By Kevin Olsen | July 25, 2012 3:28 pm
R.R. Donnelley & Sons Co., Chicago, will reduce its expected 2012 pension contributions by $46 million, primarily as a result of the recently passed federal highway bill.
The company expects its minimum 2012 pension contribution to be about $174 million; it had expected to contribute $220 million, according to an 8-K filed with the SEC Wednesday. Including its 401(k) plan company match, the company expects to contribute a total of $205 million for this year.
R.R. Donnelley expects to make total 2013 contributions of about $110 million.
The Student Loan and Highway Reauthorization Bill includes provisions to ease corporate pension funding requirements.
The defined benefit plan had $2.85 billion in assets as of Dec. 31 with a 72.6% funded status. The 401(k) plan had $2.1 billion in assets as of Dec. 31, according to SEC filings.
Doug Fitzgerald, R.R. Donnelley spokesman, did not return a telephone call for additional information by press time.