Exelis Inc., McLean, Va., expects to contribute between $175 million and $185 million to its $4.56 billion defined benefit plan in 2015, its latest 10-K filing shows.
In 2014, the company contributed $133 million to its qualified plan, and another $12 million to a non-qualified plan for executives.
In 2013, the company announced its intention to freeze the defined benefit plan at the end of 2016. The pension fund was closed to new employees in September 2011, before Exelis was spun off from ITT Corp., spokesman B.J. Talley said.
On Feb. 6, the company announced that it is being acquired by Harris Corp. The cash and stock transaction worth about $4.75 billion will create a single company with combined retirement plan assets of about $10 billion. Harris Corp. has about $3.5 billion in defined contribution plan assets. Exelis also had $2.29 billion defined contribution assets as of Dec. 31, according to the 10-K.
As of Dec. 31, the pension plan had an asset allocation of 32% domestic equity, 22% private equity, 15% fixed income, 13% international equity, 12% hedge funds, 4% cash and the rest in other.
