Arrow Electronics Inc., Centennial, Colo., transferred about $42 million in U.S. defined benefit plan liabilities to an insurance company following the purchase of a group annuity contract, the company disclosed in a 10-K filing with the Securities and Exchange Commission on Tuesday.
The insurance company was not identified. The transaction, affecting participants in the frozen Wyle Defined Benefit Plan, which is the sole funded DB plan that Arrow oversees, was completed in October. The plan was frozen on Dec. 31, 2000, following Arrow's acquisition of Wyle Electronics Inc.
As of Dec. 31, the plan had $46.7 million remaining in assets, with $60.4 million in projected benefit obligations, for a funding ratio of 77.3%.
Meghan McDonald, Arrow spokeswoman, could not be immediately reached to provide further information.