Snap-on Incorporated Employees Pension Plan
corporate plan · Snap-on Incorporated · Pierre, SD
Funding History
What This Means for You
Snap-on Incorporated Employees Pension Plan is 73% funded, which is below the 80% threshold that actuaries consider healthy. The plan has $697.6M in unfunded liabilities that must be addressed through increased contributions, investment returns, or benefit adjustments. PBGC coverage provides a backstop, but benefits could be reduced to PBGC maximums in a worst-case scenario. Current participants should monitor this plan and consider supplemental retirement savings.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $1.9B | $2.6B | 72.8% | $88.8M |
| 2024 | $1.9B | $2.6B | 72.9% | $74.4M |
| 2023 | $1.8B | $2.5B | 70.5% | $85.5M |
| 2022 | $1.7B | $2.4B | 71.2% | $104.0M |
| 2021 | $1.6B | $1.9B | 82.4% | $73.3M |
Frequently Asked Questions
Snap-on Incorporated Employees Pension Plan is 73% funded, meaning it has 73 cents in assets for every dollar in future benefit obligations. This is below the 80% threshold actuaries consider healthy, and may require increased contributions.
Snap-on Incorporated Employees Pension Plan has 38,373 total participants, including 16,411 active employees and 21,962 retirees currently receiving benefits.
Yes, Snap-on Incorporated Employees Pension Plan is covered by the Pension Benefit Guaranty Corporation (PBGC), which provides a backstop if the plan cannot pay benefits. The PBGC risk level is currently "moderate."
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.