SBC Communications Inc., San Antonio, contributed $1.6 billion to its pension and other retiree benefit plans last year, including $700 million last month alone, the company announced. Randall Stephenson, CFO, told analysts the $36.5 billion plan had not made a decision on pension contributions for this year, said Larry Solomon, spokesman.
SBC also reported its fourth-quarter earnings were lowered by 9 cents a share because of pension and retiree benefit costs. Earnings are expected to increase 9 cents to 11 cents a share this year because of reduced pension and retiree benefit costs, the company said. The reductions stem from medical plan changes and expected changes in federal pension funding legislation.