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Thomson Reuters, New York, will offer a choice of lump-sum payments or early annuity payments to vested employees who no longer work at the company, according to information obtained by Pensions & Investments, a sister publication of Business Insurance.
Eligible participants who do not elect either option will receive annuity payments under the regular pension structure. Immediate annuities will result in reduced payments to account for the longer period of time of receiving expected benefits.
Participants who are vested, no longer work at Thomson Reuters as of June 30 and have not started receiving any pension benefits from the company will have from Oct. 3 to Nov. 1 to decide.
The Thomson Reuters Group Pension Plan had $1.5 billion in assets as of Dec. 31, 2010, according to its most recent Form 5500 filing.
Diane Gasser, senior vice president, rewards, did not return a telephone call by press time. Andrew Perrin, vice president treasury and global head of pensions and investments, could not be reached for comment. David Girardin, corporate spokesman, could not provide further information by press time.
Kevin Olsen writes for Pensions & Investments, a sister publication of Business Insurance.