AbbVie Inc., North Chicago, Ill., closed its U.S. pension plan to new hires, effective Jan. 1, according to the company's Feb. 18 10-K filing with the SEC.
The filing did not disclose any changes in its 401(k) plan for employees hired after Jan. 1.
As of Dec. 31, global pension plan assets totaled $10.655 billion, while projected benefit obligations totaled $12.006 billion, for a funding ratio of 88.7%, according to the new 10-K filing. The filing did not break down assets by region.
According to its most recent Form 5500 filing, the AbbVie Pension Plan had $3.7 billion in assets as of Dec. 31, 2020. As of the same date, the AbbVie Savings Plan, the company's primary 401(k) plan, had $7 billion in assets, according to its most recent 11-K filing with the SEC.
AbbVie spokeswoman Katharine Nichols could not be immediately reached for further information.
