WESCO International Inc., Pittsburgh, terminated one of its U.S. pension funds.
The electrical equipment company's board terminated the Anixter Inc. Pension Plan effective Dec. 31, according to its 10-K filing with the SEC on Tuesday.
WESCO merged with Anixter Inc. in 2020. The Anixter plan, which was closed in 2015 and frozen in 2021, had $371 million in assets as of Dec. 31, 2021, according to the plan's most recent Form 5500 filing.
The new 10-K filing did not provide a timeline for the company to complete the termination. Terminations typically include a window for participants to select a lump-sum payment or have the responsibility of paying their benefits transferred to an insurance company.
As of Dec. 31, WESCO's U.S. pension plan assets totaled $285 million, while projected benefit obligations totaled $254 million, for a funding ratio of 112.2%, according to the new 10-K filing.
WESCO spokeswoman Jennifer Sniderman could not be immediately reached for further information.
