Lee Enterprises Inc., Davenport, Iowa, purchased group annuity contracts from insurance companies to transfer $86 million in U.S. pension fund liabilities.
The publishing company completed the transactions with the undisclosed insurers in September, according to an 8-K filing with the SEC on Sept. 23.
The filing provided no further information on the nature of the population whose benefits are being transferred to the insurers. Lee Enterprises' defined benefit plans are all frozen to future benefit accruals, according to the filing.
As of Sept. 26, 2021, the company's pension plan assets totaled $398 million, while projected benefit obligations totaled $384 million, for a funding ratio of 103.6%, according to its most recent 10-K filing with the SEC.
Charles E. Arms, manager, investor relations, could not be immediately reached for further information.
