Marsh & McLennan Cos., New York, plans to defer $47 million in previously announced U.S. pension contributions until Jan. 1 under provisions of the CARES Act.
The insurer contributed a total of $27 million to its U.S. and non-U.S. plans in the three months ended March 31, the company disclosed in its May 1 10-Q filing with the SEC. The company did not provide further information on how the contributions were split by region.
The company plans to contribute $21 million and $66 million to the U.S. and non-U.S. plans, respectively, during the remainder of 2020.
Marsh & McLennan originally announced in its February 10-K filing it planned to contribute a respective $76 million and $84 million to its U.S. and non-U.S. plans in 2020.
The Coronavirus Aid, Relief and Economic Security Act, signed by President Donald Trump on March 27, provides companies the option of a one-year holiday from making 2020 pension contributions, with interest accrued, until Jan. 1, 2021.