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The Brink's Co., Richmond, Va., announced on Friday it has offered certain former employees who are vested in its U.S. defined benefit plan the option to accept a lump sum.
The company said in an 8-K filing with the Securities and Exchange Commission that it has made the offer to about 9,000 former employees who have yet to retire to accept either a lump sum or “a reduced annuity now, in lieu of receiving monthly annuity payments when they retire.”
The offer window begins Sept. 9 and ends Oct. 24.
The company said it has made the offer “as part of its pension derisking strategy to reduce the size of its pension obligations and the volatility in the company's overall financial condition.”
As of Dec. 31, Brink's Co.'s U.S. pension plans had $812 million in assets and $935 million in projected benefit obligations, for a funding ratio of 86.8%, according to its most recent 10-K filing.
Joseph W. Dziedzic, vice president and chief financial officer, and Ed Cunningham, director, investor relations and corporate communications, could not be reached.
Rob Kozlowski writes for Pensions & Investments, a sister publication of Business Insurance.
Packaging company Rock-Tenn Co. is offering to about 9,000 former employees who are eligible for but not yet receiving monthly pension benefits the opportunity to convert their future annuity to a lump-sum benefit.