US - JCPenney made a voluntary contribution of $340m to its corporate pension plan bringing its funding ratio above 110%.
JCPenney executive vice president and chief financial officer Robert Cavanaugh said: "The contribution, which is fully tax deductible, increases the company's financial flexibility for 2009 and future years and is accretive to earnings and cash flow this year."
The US retailer said an independent fiduciary, Evercore Trust Company, would manage the JCPenney common stock contributed to the pension plan.
Evercore would be solely responsible for deciding when to sell the shares owned by the plan, it added. State Street Bank and Trust remains the plan trustee and custodian for all plan assets.
Net income for this year's first quarter was $25m versus $120m last year, a decrease of 79%. The company said earnings for the first quarter were impacted by a pre-tax non-cash pension plan expense of $81m.
Last week, the US retailer posted revenues of $18.5bn in 2008 and announced a quarterly dividend of $0.20 per share on the company's common stock.
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