SUPERVALU Inc., Eden Prairie, Minn., distributed $195 million in payments to former employees who accepted a pension lump-sum offer, the company said in a 10-Q filing with the Securities and Exchange Commission on Wednesday.
The payments were made to some former employees who were vested in the U.S. pension plan but had yet to receive benefits in the quarter ended Nov. 30. It was the second such offer made to former employees in the last several years, having made payments totaling $272 million in the quarter ended Nov. 30, 2014.
The company did not disclose the number of employees sent the offer or the number who accepted it. The company’s pension plan has been closed and frozen since Dec. 31, 2007.
As of Dec. 31, 2015, the SUPERVALU Retirement Plan had $2.12 billion in assets and $2.66 billion in projected benefit obligations, for a funding ratio of 79.7%, according to the company’s most recent 10-K filing.
Company spokesman Jeffrey Swanson could not be immediately reached to provide further information.