Unisys Corp., Blue Bell, Pa., will apply for a waiver from the IRS to defer $115 million in required contributions to its two U.S. pension plans in 2020, company spokesman Tony Buglione said.
The current required contribution for 2020 is $249 million. The company currently plans to make contributions to the plans in 2019 totaling $67 million. Unisys contributed $87 million to the U.S. plans in 2018, according to its most recent 10-K filing.
Mike Thomson, chief financial officer, said in a news release that if the waiver is approved, “the company will have better flexibility for managing through its near-term obligations while further strengthening operations to build upon our recent improvements in financial performance.” Mr. Buglione said in an email that the company “does not have a specific timeline from the IRS as to when to expect a formal decision on our request.”
As of Dec. 31, the U.S. plans had a funding ratio of 68.3%, with assets totaling $3.113 billion and projected benefit obligations totaling $4.558 billion, according to the 10-K filing.
