St Louis-based Mallinckrodt, a unit of Tyco since being acquired by the conglomerate in 2000, said in a Securities and Exchange Commission (SEC) filing that the plan’s net assets decreased from $401.7 million to $287.7 in the fiscal year that ended June 30.
Of the net loss, $40.5 million was deducted from the plan for participant cash and stock distributions; the rest of the decline was attributed to investment loss.
The Plan’s three largest holdings include, $54.3 million in the American Express Trust Equity Index Fund II, $56.8 million in a stable value fund and $23.1 million in the Tyco stock fund, which declined 73% this year.
Earlier in the fiscal year, Mallinckrodt made a contribution of $13.5 million to the plan.
Tyco had previously stated its employee pension plans were underfunded by $1.7 billion in the fiscal year that ended September 30.