FirstEnergy Corp., Dayton, Ohio, will contribute an estimated $500 million to $600 million to the pension plans of several subsidiaries before the end of the year, according to the company's most recent 8-K filing. The company plans to contribute $70 million to $84 million to the Ohio Edison Co. fund; $40 million to $49 million to The Cleveland Electric Illuminating Co. fund; $15 million to $19 million each to The Toledo Edison Co. and the Pennsylvania Power Co. funds; $72 million to $87 million to the Jersey Central Power & Light Co. fund; $43 million to $52 million to the Metropolitan Edison Co. fund; $57 million to $69 million to the Pennsylvania Electric Co. fund; and $188 million to $222 million to all other subsidiaries. The money for the contributions will come from short-term financing.
FirstEnergy's pension plan is underfunded by $553 million, and its accumulated benefit obligation is $3.983 billion, according to the company's most recent annual report. The company also contributed about $500 million to its pension plans last year.
Don Perrine, investment director for the company, did not return calls by press time.
Separately, Sutter Health, Sacramento, Calif., contributed $104 million to its $1 billion pension fund, according to a press release from the family of not-for-profit hospitals and physician groups. Further details were not available.