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February 03, 2009 12:00 AM

Northrop Grumman pension investments return -6%

Arleen Jacobius
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    Northrop Grumman Corp., Los Angeles, today reported its defined benefit pension plans returned -6% in 2008, compared to the long-term estimated rate of return of 8.5%.

    Company officials said in a quarterly report that “adverse capital market conditions” were the cause of the negative returns. Northrop Grumman had warned in a quarterly SEC filing in October that returns for the company’s defined benefit plans had been “significantly impacted in 2008 by the overall lower fair-market value that has been experienced” so far that year and the plans’ fair-market value could drop by the end of 2008.

    Northrop Grumman’s defined benefit plans had $19.7 billion in assets as of Sept. 30, down 15% from the previous year, according to Pensions & Investments survey data.

    Separately, the company made discretionary contributions of $200 million each year to its pension plans in 2007 and 2008. The company contributed a total of $342 million in 2007. It also contributed $86 million to its defined benefit plans in the third quarter of 2008.

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