Summary
Honeywell International Inc. announced a significant contribution of $700 million in common stock to its Master Retirement Trust on December 30, 2002. This action is aimed at improving the funded status of the company's U.S. defined benefit pension plans. Including a prior $100 million cash contribution in September 2002, Honeywell has now committed a total of $800 million to its U.S. pension plans for the year. To ensure impartiality and professional management of these assets, U.S. Trust Company, N.A. has been appointed as an independent fiduciary to oversee all investment decisions related to the contributed shares.
Key Highlights
- 1Honeywell contributed $700 million worth of its common stock to its pension plans.
- 2The contribution aims to improve the funded status of U.S. defined benefit pension plans.
- 3Total contributions to U.S. pension plans in 2002 reached $800 million ($100 million cash + $700 million stock).
- 4U.S. Trust Company, N.A. has been appointed as an independent fiduciary for the contributed shares.
- 5The independent fiduciary will solely make investment decisions for the contributed stock.
- 6The event is disclosed under Regulation FD.