Unisys Corp., Blue Bell, Pa., transferred the retiree obligations of its Swiss subsidiary's primary pension plan to Fondation Patrimonia, a multiemployer collective foundation.
The transfer eliminates $103 million in pension liabilities from the information technology solutions company's balance sheet, Unisys spokesman Tony Buglione said in an email.
It affects about 170 retirees, he said. The remaining participants in the Unisys Schweiz GmbH pension plan are all active employees. Mr. Buglione said they are not able to provide the asset size related to the remaining active participants.
It is the final of four moves in a yearlong plan for Unisys to reduce its global pension liabilities by $1.2 billion.
"While the transfer of our pension plan in Switzerland marks the achievement of this specific goal, we will continue to consider and pursue additional steps in the future to further derisk our pension obligations through additional reductions of potential volatility and costs," said Mike Thomson, executive vice president and chief financial officer, in a news release Tuesday.
In May, Unisys transferred the assets of its Dutch subsidiary's primary pension plan to De Nationale APF, a multiemployer pension plan in the Netherlands, which eliminated $550 million in liabilities from the company's balance sheet.
In January, Unisys entered into an agreement to purchase a group annuity contract from Massachusetts Mutual Life Insurance Co. to transfer about $280 million in U.S. pension plan assets, and in December, the company announced it made lump-sum payments totaling $276 million to former U.S. employees who accepted an offer from the company.
As of Dec. 31, international pension plan assets totaled $3.13 billion, while projected benefit obligations totaled $3.47 billion, for a funding ratio of 90.2%, according to the company's most recent 10-K filing with the SEC.
