Administration February 12, 2002
Ford Says Pension Underfunding Is Reduced
December 2, 2002 (PLANSPONSOR.com) - Ford Motor Co said its US pension plan underfunding has declined by about $1 billion from the $6 billion projected earlier.
Reported by Eric Hazard
The recovery is being attributed to improvements in world equity markets, according to Ford Vice President and Treasurer Malcolm Macdonald. ” With the recovery in markets, that underfunding has diminished, I don’t know the latest numbers, but my guess is it’s by over a billion dollars,” Macdonald said during a meeting with institutional investors in Geneva.
Macdonald also said that Ford plans contributions of about $500 million to its pension plan over the next two years and will take “a modest charge to profits” next year because of pension liabilities.
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