Maytag Corp., Newton, Iowa, plans to contribute $135 million to its pension plans this year, down from $193 million in 2002, according to its annual report. The company has no minimum funding requirement for 2003.
Maytag cut its 2003 rate-of-return assumption for pension assets to 8.75% from 9% last year. It also reduced its discount rate for liabilities to 7% from 7.5%.
The companys pension cost rose to $489 million in 2002, from $353 million the previous year. It had no estimate for 2003.
The plans had $854 million in assets and $1.5 billion in liabilities as of Dec. 31.