Corning Inc., Corning, N.Y., today announced it voluntarily contributed $40 million to its pension plan in the fourth quarter of 2002, according to Dan Collins, spokesman. The $2.1 billion pension fund was underfunded by $180 million at the end of 2002, Mr. Collins confirmed, but he said the company was not required by law to make a contribution. Corning officials expect to make an additional $60 million voluntary contribution annually for the next several years, he said.
Company officials also cut the pension fund’s assumed rate of return to 8.5%, from 9%. Over the last 10 years, Corning’s annual pension contribution has averaged $25 million.
