Barnes Group Inc., Bristol, Conn., announced Friday it has offered a lump sum to about 1,300 former employees who have yet to retire.
The company said in an 8-K filing with the Securities and Exchange Commission that the former employees who are vested in the U.S. pension funds represent about 17% of the pension obligations.
Barnes Group's union hourly pension fund remains open, while the U.S. salaried pension fund was closed to new participants on Jan. 1, 2013.
The company did not disclose how long the lump-sum offer window will remain open or the U.S. pension fund in which the former employees participate.
As of Dec. 31, U.S. pension fund assets totaled $381 million, while projected benefit obligations totaled $433 million, for a funding ratio of 88%, according to the company's most recent 10-K filing.
William Pitts, director, investor relations, could not be reached for further information by press time.