Boeing Co., Chicago, contributed $1.5 billion in company stock to its defined benefit pension plans and hired Evercore Trust Co. as independent manager with discretion over the shares, according to an SEC filing from the company.
In all, 29.1 million shares of Boeing stock were contributed Nov. 9, the filing said. The Boeing plans, which have $40.6 billion in assets, previously had no company stock.
The stock was contributed from shares held in the corporate treasury that were purchased in the open market from time to time, said Todd H. Blecher, Boeing spokesman.
The company contributed $60 million in cash to the plans in the third quarter ended Sept. 30, the only other contribution it has made to the plans this year. Boeing's mandatory contribution for 2009 is less than $100 million, James Bell, corporate president and CFO, said in a webcast Oct. 21.
In 2008, the company contributed $531 million all in cash to its pension plans.