3M told investors this week that it would drastically reduce contributions to its pension system because its funding ratio has improved.
Payments will be reduced from $500 billion this year to between $100 billion and $200 billion each year from 2014 through 2017, said David Meline, senior vice president and chief financial officer of 3M, at the company's 2014 outlook meeting.
The funding ratio of the St. Paul, Minn., company's worldwide pension plan is expected to be 93 percent at the end of 2013 compared to 87 percent in 2012. Its U.S. pension system is expected to be 103 percent funded at the end of the year, Meline said.
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