Herman Miller Inc., Zeeland, Mich., has completed the termination of its cash balance plan following a group annuity buyout, confirmed spokesman Mark Schurman.
The termination was completed Oct. 1. The firm entered into an annuity contract with a third-party insurance company, which Mr. Schurman declined to name. The contract represented less than 40% of the plan's total assets.
The majority of the assets settled came in the form of 401(k) plan balance transfers or lump-sum payouts, Mr. Schurman wrote in an e-mail.
The company announced in March 2012 it would freeze the plan effective Oct. 1, 2012, with a termination following within 24 months. The company's 4% contribution to the cash balance plan has been moved to the 401(k) plan.
The cash balance plan had $290 million in assets and $314.7 million in projected benefit obligations as of June 1, according to the company's most recent 10-K filing.