Xerox Corp., Stamford, Conn., revised its 2005 pension contribution estimate and now plans to contribute a total of $342 million to its pension plans in 2005, according to the company's first-quarter report filed with the SEC. The total estimate includes $88 million that Xerox will contribute over the remainder of the year.
The firm contributed $230 million in April and $24 million during the first quarter. Company officials elected to make the $230 million contribution "for the purpose of making those plans 100% funded on a current-liability basis under ERISA funding rules," the quarterly report said.
Xerox had about $8.1 billion in combined pension assets as of Dec. 31 and the plans were underfunded by a combined $1.9 billion at that date, according to the company's annual report. Xerox officials expected the company would contribute $114 million to the pension plans in 2005, the annual report said. The company contributed $409 million to the plans in 2004.