Briggs & Stratton Corp. settled $20 million in pension obligations after offering former employees with vested pension benefits a lump-sum window in its 2016 fiscal year.
The company has completed the offer, but its pension plan is still underfunded by about $313 million as of July 3, the Wauwatosa, Wis.-based gasoline engine manufacturer said in its annual report to the Securities and Exchange Commission. The report was filed Aug. 30 for its fiscal year, which ended July 3.
Briggs & Stratton made no cash contributions to its plan in fiscal 2016, and based on current regulations and actuarial studies, ...
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