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The E.W Scripps Co. is offering about 4,300 former employees the opportunity to convert their future monthly annuity into a cash lump sum or an immediate annuity payment.
In a news release issued Monday, the Cincinnati-based media company said eligible participants have until Oct. 13 to make an election or stick with a future annuity benefit.
Scripps said the payments will be made from plan assets, with the plan’s funded status expected to remain “materially unchanged” by the program.
Scripps froze the plan in 2009, which at year-end 2014 was about 80% funded, with $620.6 million in benefit obligations and $495.0 million in assets, according to its most recent 10-K report.
Employers “derisking” their pension plans no longer would be allowed to give plan participants currently receiving monthly annuity benefits the option to convert their benefits to a cash lump-sum, the Internal Revenue Service disclosed Thursday.