TJX Cos. Inc., Framingham, Mass., is offering a lump-sum window for former employees who are vested in its U.S. pension plan but who have yet to receive benefits, said a 8-K filing with the Securities and Exchange Commission.
The filing on Aug. 16 said it began notifying former employees in its U.S. pension plan on Aug. 8 of the offer “in an effort to reduce its future pension obligations and associated administrative costs.”
The pension plan has been closed to new hires since Feb. 1, 2006. Further information on the number of former employees being given the offer, the length of the window and the company’s projected acceptance rate, could not be immediately learned.
As of Jan. 30, the pension plan had $1.12 billion in assets, and $1.21 billion in projected benefit obligations, for a funding ratio of 92.6%, according to the company’s most recent 10-K filing.
Lisa Arminio, company spokeswoman, could not immediately provide further information.