Panasonic dials up lump-sum offer to former employees

Panasonic Corp. of North America, Newark, N.J., offered a lump-sum window to some former employees in its pension plan, said a letter to participants on the plan’s website.

The company’s offer window to former U.S. employees who are vested in the Panasonic Pension Plan but who have yet to retire closed on Nov. 23. Further information on the population and the plan’s liabilities could not be learned by press time.

The Panasonic Pension Plan had $326 million in assets as of Dec. 31, according to the company’s most recent Form 5500 filing. The plan was closed to new hires on April 1, 1997, and benefit accruals were frozen on May 1, 2009.

Panasonic officials could not be immediately reached to provide further information.