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Pension Funds

Weyerhaeuser adds $300 million to U.S. pension fund

Weyerhaeuser Co., Seattle, contributed $300 million to its U.S. pension plan during the third quarter, the company disclosed in its 10-Q filing with the SEC on Friday.

The contribution was made to "maintain the U.S. qualified pension plan's current funded status," the filing said, in connection with previously announced derisking transactions.

Those transactions, announced on Aug. 23, are a lump-sum offer planned for the fourth quarter to about 20,000 former employees vested in the plan who have yet to retire, and a group annuity contract purchase from an insurance company planned for 2019 to transfer U.S. pension plan liabilities.

The timber company said in August it expects to reduce its U.S. pension plan liabilities by 30% and the number of participants by 50% following both moves. Currently, the pension fund has about 70,000 participants.

Weyerhaeuser had not made any contributions to the U.S. pension plan in 2017 and originally stated in its 10-K filing in February it did not plan to do so in 2018, as none was required.

As of Dec. 31, Weyerhaeuser's U.S. and Canadian pension plan assets totaled $5.514 billion, while projected benefit obligations totaled $6.795 billion, for a funding ratio of 81.1%, according to the 10-K filing. The company did not separate assets by region.