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CBS pays out $518 million in lump sums to former employees

CBS Corp., New York, paid out lump sums to some former employees in its U.S. pension plan in the fourth quarter of 2016, the company announced in a 10-K filing with the SEC on Feb. 17.

An offer window was opened in September for former employees who were vested in the plan but had yet to retire and the company paid out a total of $518 million in lump sums and reported a pension settlement charge of $211 million, according to the filing.

How many former employees received and took the offer was not made available.

As of Dec. 31, pension plan assets totaled $3.24 billion, while projected benefit obligations totaled $4.66 billion, for a funding ratio of 69.5%. The company contributed $52 million to the plans in 2016, and reported it planned to contribute $54 million in 2017.

Dana McLintock, company spokesman, could not immediately provide further information.