Ryder System Inc., Miami, is offering a lump-sum payment to about 11,000 former employees vested in its frozen U.S. defined benefit plan, the company announced in an SEC filing on Wednesday.
The population represents about 20% of the company's U.S. pension plan obligation. Former employees who wish to take the offer will receive their lump sums by the end of 2014.
As of Dec. 31, the worldwide DB plans had $1.8 billion in assets and $2.1 billion in projected benefit obligations, for a funding ratio of 85.7%, according to the company's most recent 10-K filing. A breakdown of U.S. assets was not available.
Cindy Haas, company spokeswoman, could not immediately provide further information.