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BLUE BELL, Pa., May 19, 2021 /PRNewswire/ Unisys Corporation (NYSE: UIS) today announced the primary pension plan related to its Dutch subsidiary has been transferred to a multi-client circle within a multi-employer fund effective May 1. This transaction results in the removal of all pension liabilities related to the plan, valued at approximately $550 million, from the company s balance sheet.
Unisys anticipates that this action will result in a one-time, non-cash, pre-tax settlement charge of approximately $185 million.
The action, along with the company s recently announced lump-sum cash-out offer and a separate annuity purchase for its U.S. pension plans, has resulted in the removal of a total of approximately $1.1 billion of pension liabilities from the Unisys balance sheet.
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BLUE BELL, Pa., Jan. 11, 2021 /PRNewswire/ Unisys Corporation (NYSE: UIS) today announced it has entered into an agreement with Massachusetts Mutual Life Insurance Company (MassMutual) to purchase a group annuity contract for approximately $280 million through which it will transfer projected benefit obligations valued slightly less than this amount related to certain retirees under the company s U.S. pension plans to MassMutual.
As discussed in its third-quarter earnings call on October 27, Unisys anticipates that this action will result in a one-time, non-cash, pre-tax settlement charge of approximately $150 million. Since the purchase will be made by the pension trust, there will be no impact on the company s cash position.
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BLUE BELL, Pa., Dec. 18, 2020 /PRNewswire/ Unisys Corporation (NYSE: UIS) today announced it has completed a lump-sum, cash-out offer for eligible former associates who have deferred vested benefits under the company s U.S. pension plans and have elected to receive the value of their entire pension benefit in a lump-sum payment.
Earlier in 2020, the company reduced its required U.S. pension contributions and deficit by contributing approximately $800 million to its U.S. pension plans. Including its intended voluntary 2021 contributions of up to $200 million and based on the latest available actuarial estimates, the company will have effectively pre-funded all but approximately $50 million of its future required U.S. pension contributions.