Sealed Air Corporation Combined Pension Plan

Sealed Air's most recent public filings show U.S. pension plan assets of roughly $206 million against approximately $234 million in projected benefit obligations, placing the plan in a modest underfunded position. The funded ratio guides the plan's asset allocation, which skews toward liability-matching fixed income and de-risking strategies rather than growth-seeking alternatives. The exact funded status fluctuates with discount rates and asset returns, but the plan has not been fully funded in recent reporting periods.

The December 2017 merger brought additional retiree liabilities and assets into the trust, complicating the plan's demographic and duration profile. After Sealed Air sold Diversey later that year, the pension obligations stayed with Sealed Air, leaving the combined plan with a broader beneficiary base spanning two distinct workforces. This merger increased the total liability pool and likely pushed the plan toward a more conservative asset mix to manage the expanded obligation set.

The plan has no dedicated internal investment staff. Asset management, custody, and actuarial services are outsourced to external providers — typically institutional consultants, OCIO firms, and major custody banks — under the oversight of Sealed Air's corporate treasury and finance leadership. The plan does not publicly name its external managers or consultants.

Sealed Air has not publicly confirmed the plan's participation status, but the vast majority of Fortune 500 corporate DB plans have been closed or frozen to new entrants for over a decade. The plan's description as a legacy vehicle and its modest deficit suggest it is likely closed to new participants, with active employees covered by a separate defined-contribution plan such as a 401(k).

Yes, Sealed Air maintains separate international pension obligations, some of which have been partially de-risked through buy-in arrangements with insurers. The Charlotte-based Combined Pension Plan specifically covers U.S. obligations, while additional non-U.S. liabilities are managed through local vehicles and, in some cases, annuity buy-in contracts that transfer longevity risk to third-party insurers.