Avaya Chipping In $105 Million To Pension Plan

September 9, 2003 (PLANSPONSOR.com) - Communication network provider Avaya Inc. has announced a planned $105-million voluntary contribution to its pension plan this month.

Proceeds for the contribution will come from a sale of common stock.   That sale, announced earlier in the week, was for 34.5 million newly issued shares priced at $10.20 per share, the Basking Ridge, New Jersey-based company said in a news release.

The voluntary contribution is in addition to the $42 million in contributions Avaya is obligated to make to the plan in fiscal 2003. Of the $42 million, Avaya made a $7-million contribution in April and a $7million contribution in July and said it would make a $28-million contribution this month.   With the latest contribution, Avaya said it would not have to make a previously planned $44-million payment to its pension fund in fiscal year 2004.