Standard Register Expects To Reduce Pension Contributions Through 2014 Under New Legislation

Standard Register (NYSE: SR), a leader in the management and execution of mission-critical communications, today provided an update on pension funding expectations for 2012 through 2014 based on provisions of the highway reauthorization legislation signed into law last week.

Standard Register had previously expected pension contributions for 2012 through 2014 to total $112 million. With relief provided by the Moving Ahead for Progress in the 21 st Century Act (MAP-21), commonly referred to as the highway bill, the Company expects to reduce the total by approximately $17 million, to $95 million.
    2012     2013     2014     Total
(Dollars in millions)
Previously expected pension contribution $ 27     $ 38     $ 47     $ 112
Estimated pension contribution under MAP-21 $ 23     $ 30     $ 42     $ 95
Change $ 4 $ 8 $ 5 $ 17

MAP-21 provides pension plan sponsors with funding relief by stabilizing interest rates used to determine required funding contributions to defined benefit plans. The new legislation allows the use of a 25-year average corporate bond rate adjusted to the applicable corridor rather than a 2-year average rate as required under the prior law to calculate funding requirements.

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