This excerpt taken from the GLBC DEF 14A filed Feb 4, 2005.
6. EMPLOYEE BENEFIT PLANS
The Company sponsors a number of both contributory and non-contributory employee pension plans available to eligible employees of Global Crossing North America, Inc. (f/k/a Frontier Corporation) and GCUK. In addition, the Company also sponsors a post retirement benefit plan for eligible employees of Global Crossing North America, Inc. The plans provide defined benefits based on years of service and final average salary.
In 2004, the Company expects to contribute approximately $3 to its pension plans. The sale of GMS to Bridgehouse was completed on August 13, 2004 and all related pension plan funding requirements were transferred.
GLOBAL CROSSING LIMITED AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)
(in millions, except number of sites, square footage, employees, share and per share information)
Details on the effect of operations of the Companys pension plans are as follows:
The effect of operations of the post retirement benefit plan was less than $1 during the periods presented.