L3Harris Technologies Inc., Melbourne, Fla., purchased a group annuity contract from an insurance company to transfer $169 million in pension plan assets.
The aerospace and defense company disclosed the transaction Wednesday in its 10-Q filing. The filing provided neither the name of the insurer from which the company purchased the contract during the quarter ended July 2, nor the date the insurer will take on benefit-paying responsibilities.
L3Harris has several pension plans, the largest of which is its Salaried Pension Plan, which had been acquired as a result of legacy company Harris Corp.'s purchase of Exelis Inc., McLean, Va., in 2015.
That plan had $7.9 billion in assets and $9.4 billion in projected benefit obligations as of Dec. 31, for a funding ratio of 84%, according to the company's most recent 10-K filing.
