Unum Group, Chattanooga, Tenn., contributed $50 million to its U.S. defined benefit pension plan in the second quarter as part of the company's efforts to freeze the plan at the end of 2013.
The contribution was voluntary, according to a 10-Q filing with the Securities and Exchange Commission on Tuesday.
The company had announced in June that it would freeze its U.S. defined benefit pension plan effective Dec. 31. Beginning Jan. 1, 2014, the company will increase its 401(k) match to 5% of base salary from 3% and add a new non-elective contribution of 4.5% of earnings for all eligible employees.
As of Dec. 31, the fair value of plan assets for the U.S. plan totaled $1.35 billion and projected benefit obligations totaled $1.97 billion, for a funding ratio of about 69%, according to its most recent annual report. The company contributed $57.5 million to the plan in 2012.
The Unum Group 401(k) Retirement Plan had $910 million in assets as of Dec. 31, according to the company's most recent 11-K filing.
Phone calls to Linda Levesque, vice president-corporate benefits and pension plan administrator, and Jim Sabourin, spokesman, were not returned by press time.
