Phibro Animal Health Corp., Teaneck, N.J., is offering a lump sum to some participants in its pension plan, said Richard Johnson, chief financial officer.
Mr. Johnson said the company opened a window earlier this month for about 300 former employees who were vested in the pension plan but had yet to begin receiving benefits. The former employees have until early October to make a selection and the company will make payments before the end of the year, Mr. Johnson said. The plan was closed to new employees as of Dec. 31, 2013.
As of June 30, pension plan assets totaled $54.3 million, while projected benefit obligations totaled $75.7 million, for a funding ratio of 71.7%, according to the company’s most recent 10-K filing with the Securities and Exchange Commission.