TRW Automotive adds $171 million to pension plans in 2012
By Timothy Pollard | February 15, 2013 3:52 pm
TRW Automotive Holdings, Livonia, Mich., made contributions totaling $171 million to its worldwide pension plans 2012. That amount was down slightly from $174 million in 2011.
In the fourth quarter of 2012, the company made lump-sum pension buyout offers to certain U.S. retirees and former employees. About 50% of participants accepted the offer, according to the company's 2012 10-K, filed Friday.
Joseph S. Cantie, executive vice president and chief financial officer, said during the company's fourth-quarter earnings call Friday that the lump-sum payments used about $298 million in pension assets, and resulted in “approximately $350 million defeasement of pension obligations.”
Assets for the company's U.S. defined benefit plans totaled $804 million as of Dec. 31, with a funded status of 75%.