CSRA Inc., Falls Church, Va., made lump-sum payments totaling $320 million to former employees in its U.S. defined benefit plan, the company said in an 8-K filing with the Securities and Exchange Commission on Tuesday.
The payments in December were the result of an offer made to former employees who were vested in the plan but had yet to retire. The company said it made the offer “to reduce pension obligations and financial volatility and offer participants financial flexibility.”
The number of former employees to whom the company made the offer, and how many accepted, could not be immediately learned.
As of April 1, 2016, plan assets totaled $2.585 billion, while projected benefit obligations totaled $3.222 billion, for a funding ratio of 80.2%, according to the company’s most recent 10-K filing.
Company spokesman Tom Doheny could not be immediately reached to provide further information.