Ryder System Inc., Miami, settled about 12% of its U.S. defined benefit plan obligations after about 60% of former employees accepted a lump-sum payment offer in the fourth quarter, spokeswoman Cindy Haas said.
The company had announced the offer, to about 11,000 terminated vested participants in its frozen U.S. defined benefit plan, in October. The population represented about 20% of the company's total obligations.
As of Dec. 31, 2013, 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.