Littelfuse Inc., Chicago, purchased a group annuity contract from an insurance company to transfer about $36 million in U.K. pension plan liabilities.
The purchase, completed April 7, transfers about 30% of the company's total pension plan liabilities and affects retirees and beneficiaries in the U.K. pension plan, according to a 10-Q filing Wednesday with the SEC. The name of the insurance company was not disclosed.
As of Dec. 31, pension plan assets, all outside the U.S., totaled $79 million, while projected benefit obligations totaled $117 million, for a funding ratio of 67.5%, according to the company's most recent 10-K filing.
Trisha Tuntland, Littelfuse's head of investor relations, could not be immediately reached for further information.
