Macy's, the iconic department store chain based in Cincinnati, announced it would skip a planned $150 million payment to its pension fund because of high investment returns in the fourth quarter of 2013.
The $150 million amount, which had been mentioned in Macy's 10-K filing with the SEC in April, was the same sum contributed in 2012. At end of that year, the company's pension plan was 95 percent funded with about $34 billion in assets.
Last February, Macy's announced it would freeze its pension benefits as of the end of 2013. At the same time, it said it would increase the amount it pumped into its defined contributions plan.
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