Updated with correction.
Allstate Corp., Northbrook, Ill., is expected to report a fourth-quarter settlement charge of $100 million to $125 million from increasing unrecognized pension benefit costs, a spokeswoman confirmed.
Voluntary retirement activity was nearly five times the typical level in the fourth quarter due to increased lump-sum payouts and a pending change to the pension plan.
Allstate announced in July it is changing the formula in its cash balance plan for current employees, according to a 10-Q filing. The new formula will go into effect Jan. 1.