Baxter International offers lump sums to some former employees
Reprints
Baxter International Inc. is offering lump-sum payments to 16,000 vested former employees, a spokeswoman for the Deerfield, Ill.-based health care company said.
The offer is being made to any vested employee who left the company before July 1, 2011, and has not yet received any pension benefits.
“It helps us reduce administrative costs and investment volatility,” the spokeswoman said.
Baxter International does not have estimates for how many participants will accept the offer and the effect it will have on pension liabilities, the spokeswoman said. She declined to provide details on the time frame for when participants have to decide on the offers.
Baxter had $3.67 billion in pension assets and $4.94 billion in liabilities for a funded status of 74.3%, as of Dec. 31.
Kevin Olsen is a reporter at Pensions and Investments, a sister publication of Business Insurance.
Read Next
-
A.H. Belo to offer lump sums to 30% of vested participants
Newspaper publisher A.H. Belo Corp. is offering lump-sum payments to about 30% of vested participants in its two defined benefit plans, confirmed Alison Engel, senior vice president and CFO.
Related Stories
-
-
Equifax to offer lump-sum pension conversions to eligible former employees
-
Verizon buys group annuity and sheds $7.5 billion in pension liabilities
