Deere & Co., Moline, Ill., expects to contribute $240 million to its pension this year, up from a previous forecast of $85 million, Ken Golden, director-strategic public relations, said.
“There is no ERISA-required funding involved here,” Mr. Golden said in a statement today. “The company has made the prudent decision to take this action at this time. ... Deere's pension funded status in 2008 was top quartile. We only disseminate public pension fund numbers once a year, as of Oct. 31. Our funded status on plans on Oct. 31, 2008, was 116% for the accumulated benefit obligation for salaried (plan) and 109% for the projected benefit obligation for salaried plan and 127% for both ABO and PBO for hourly plan.”
Deere had $7.8 billion in pension assets and $7.1 billion in pension liabilities as of Oct. 31, 2008.
Deere contributed $29 million to its pension plans in the first six months of the year, according to a company filing with the SEC on June. 1.
For 2008, it contributed $137 million to its pension plans, according to its 10-K filing.