CNA Financial Corp., Chicago, offered lump sums to about 11,000 former employees vested in its defined benefit plan, said spokeswoman Jennifer Martinez-Roth.
Ms. Roth did not provide further information, including how long participants have to accept or decline the offer.
The company plans to make payments in December, according to a transcript from Monday’s quarterly earnings call.
As of Dec. 31, the company’s defined benefit plan had $2.66 billion in assets and $2.94 billion in benefit obligations, for a funded status of 90%, according to its most recent 10-K filing.
The CNA Retirement Savings Plan was closed to new participants on Jan. 1, 2000.