Motorola Solutions pension plan pays out $836 million in lump sums

Motorola Solutions Inc., Schaumburg, Ill., paid lump sums to certain participants representing about $1 billion in U.S. pension plan liabilities during the fourth quarter.

The company paid out a total of $836 million in lump sums to participants who elected an earlier offer, according to an 8-K filing Thursday with the SEC.

Motorola Solutions did not disclose the nature of the participants, nor the number of participants who elected the offer.

The amount of liabilities shed represents about 20% of the company's total U.S. pension plan liabilities.

As of Dec. 31, 2018, Motorola Solutions' U.S. pension plan assets totaled $3.673 billion, while projected benefit obligations totaled $4.864 billion, for a funding ratio of 75.5%, according to the company's most recent 10-K filing.

In 2014, Motorola Solutions completed what was then third-largest pension buyout in U.S. history, purchasing a group annuity contract from Prudential Insurance Co. of America to transfer about $3.1 billion in U.S. pension plan liabilities, covering about 30,000 retirees.

Whether Motorola Solutions is considering further buyout actions could not be immediately learned.

Kate Dyer, company spokeswoman, could not be immediately reached to provide further information.