Equifax to offer lump sum or annuity to vested former employees
By Rob Kozlowski | October 1, 2012 5:23 pm
Equifax Inc., Atlanta, announced on Monday it will offer a lump-sum payout or reduced monthly annuity to about 3,500 former employees vested in its U.S. defined benefit pension plan.
The offer will be made to participants who terminated employment before Jan. 1, 2012, and have not begun receiving pension benefits. Eligible participants will have from Oct. 8 to Nov. 16 to make their voluntary election, according to an 8-K filing with the SEC.
Participants can elect to receive a reduced monthly annuity that would begin Dec. 1, or receive a lump sum payable by Dec. 31.
The participants who will receive the offer represent about 20% of the U.S. Retirement Income Plan's liabilities, which were about $630 million as of Dec. 31, according to the filing.
According to the company's most recent 10-K filing, the fair value of plan assets of the firm's U.S. and Canadian plans was $583 million with projected benefit obligations of $746.1 million, for a funding ratio of 78.1%.
Tim Klein, company spokesman, could not be immediately reached for comment.