American Axle & Manufacturing Holdings Inc., Detroit, announced in an SEC filing Monday that it plans to offer a lump-sum payment to certain terminated vested participants in its U.S. pension funds.
The offer will be made to about 6,000 of the company’s 14,000 total U.S. pension funds participants; it will open Oct. 2 and end Nov. 14. The cash payments will be made in December.
As of Dec. 31, the company’s U.S. and U.K. defined benefit pension funds had a total of $713 million in assets and $755 million in projected benefit obligations, for a 94.4% funding ratio, according to the company’s most recent 10-K filing. The company does not break out its U.S. assets.
Michael K. Simonte, executive vice president and chief financial officer, and Christopher Son, director, investor relations, corporate communications and marketing, were not immediately available to provide further information.