McCormick & Co. Inc., Sparks, Md., announced on Wednesday it completed its voluntary lump-sum program for certain former employees in the fourth quarter of its fiscal year 2013.
In its 10-K filing with the Securities and Exchange Commission, the company announced it had paid off about $63 million in plan assets to former employees who had accepted the lump-sum offer.
Spokeswoman Joyce Brooks said the company continues to evaluate its retirement and health-care programs following the completion of the program. No specific future plans on the derisking of the pension plan have been determined, she said.
The company announced in June that it had made the lump-sum offer to about 3,300 former employees who have deferred vested pension benefits. The total benefit obligation for the employees was about $125 million.
As of Nov. 30, the end of the company’s fiscal year, the company’s U.S. defined benefit plan assets totaled $552.3 million, with projected benefit obligations of $607.7 million, for a funding ratio of 90.9%.
The company also contributed $32.1 million to the plan in fiscal year 2013.
The year before, the company reported $519.8 million in assets and projected benefit obligations of $735.2 million, for a funding ratio of 70.7%.
