And Another One Bites The Dust

According to P&I, Avery Dennison Corp will terminate its defined benefit plan. In addition, they will make a $200 million contribution prior to August 15th in order to claim a tax deduction on their 2017 taxes.The U.S. DB plan has a funded ratio below 70%. The company is looking to settle its liability, estimated to be $950 million, through a combination of lump-sum distributions and an annuity contract (which is not inexpensive). There is no mention on the path going forward for Avery Dennison employees.I suspect that Avery Dennison shareholders have benefited from recent federal tax law changes. I guess it is too much to ask that their employees also receive some of that largesse.