NCR Corp. is offering a voluntary lump sum payment option to certain former employees or beneficiaries currently receiving a monthly benefit from its American pension plan.

With this action, the company expects to reduce pension liabilities for the company as well as reduce pension-related expenses.

“This offer is part of our pension transformation and is consistent with our overall de-risking strategy,” says NCR treasurer John Boudreau. “There is no additional funding of the plan required for this transaction as all distributions will be made out of existing plan assets.”

The plan’s funded status is expected to remain materially unchanged as a result of this offer.

The offer is being made only to former employees or beneficiaries who commenced monthly benefits under the plan between Jan. 1, 1994 and April 1, 2014.

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Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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