Motorola Solutions Inc., Schaumburg, Ill., will contribute $100 million above any required contribution to its pension plan over the next five years under an agreement with the PBGC, confirmed Gary Pastorius, an agency spokesman.
Motorola Solutions, formerly known as Motorola Inc., reached the agreement with the Pension Benefit Guaranty Corp. before the spinoff of its Motorola Mobility business that was completed Tuesday, according to a news release on Motorola's website.
According to Mr. Pastorius, Motorola Solutions will continue to sponsor the plan, which had total assets of $4.09 billion as of Sept. 30, according to a Pensions & Investments survey.
According to the survey, the pension plan has been closed to new employees since Jan. 1, 2005.
Nick Sweers, a Motorola spokesman, had not returned phone calls seeking comment as of press time.