Harris Corp., Melbourne, Fla., plans to contribute between $185 million and $195 million to its U.S. defined benefit plan during fiscal year 2017, the company said in its 10-K filing with the Securities and Exchange Commission on Monday.
The company contributed $420 million to the pension fund in the fiscal year ended July 1. The DB plan was previously part of Exelis Inc., McLean, Va., which Harris Corp. purchased in 2015.
Previously, Exelis had announced the pension plan would be frozen effective Dec. 31, 2016, and those plans are still in place. Whether Harris Corp. plans to take other derisking actions such as lump-sum offers to former employees, could not be learned by press time.
As of July 1, the pension fund had $4.27 billion in assets and $6.47 billion in projected benefit obligations, for a funding ratio of 66%, according to the 10-K filing.
Jim Burke, company spokesman, said in an e-mail he had nothing to add to the information in the filing.
