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Unisys Seeks to Defer Approximately $115 Million of 2020 U.S. Pension Cash ContributionsBLUE BELL, Pa., Sept. 25, 2019 /PRNewswire/ -- Unisys Corporation (NYSE: UIS) today announced it will apply for waivers with the IRS to defer a portion of its pension contributions to its two U.S pension plans, thereby reducing total required cash contributions by approximately $115 million in calendar year 2020. If the company's application is approved by the IRS, the company anticipates that these deferred contributions will be paid over a five-year period. Unisys will file the application for these waivers under Section 412(c) of the Internal Revenue Code. "Our waiver application seeks to defer a portion of the 2020 contribution spike in our U.S. pension cash contributions while still fulfilling our pension obligations," said Mike Thomson, chief financial officer for Unisys. "If the waiver application is approved, the company will have better flexibility for managing through its near-term obligations while further strengthening operations to build upon our recent improvements in financial performance." The IRS considers funding waiver applications based on the facts and circumstances applicable to the request. There is no specified time frame in which the IRS must make a decision. The IRS may choose not to grant the application, or to grant it for an amount less than the amount requested. About Unisys Forward-Looking Statements Follow Unisys on Twitter and LinkedIn. RELEASE NO.: 0925/9710 Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder. UIS-C View original content:http://www.prnewswire.com/news-releases/unisys-seeks-to-defer-approximately-115-million-of-2020-us-pension-cash-contributions-300924786.html SOURCE Unisys Corporation |