FedEx Corp., Memphis, Tenn., expects to contribute about $550 million to its U.S. defined benefit pension plans in fiscal year 2013, confirmed spokesman Jess Bunn
The contribution will meet funding requirements mandated by the Pension Protection Act of 2006 that require that corporate plans have a funding ratio of 80%, according to a 10-K filing on Monday. Mr. Bunn wrote in an e-mail that the firm typically makes contributions on a quarterly basis.
As of May 31, FedEx’s U.S. DB plans had a fair value of plan assets of $17.013 billion and projected benefit obligations of $21.192 billion, for a funding ratio of 80.3%.
The company contributed $722 million to its U.S. pension plans in fiscal year 2012, according to the filing.