John Wiley & Sons Inc., Hoboken, N.J., announced on Thursday in a 10-Q filing with the Securities and Exchange Commission that it has offered a lump-sum window to some participants in its U.S. defined benefit plan.
The company said in the filing it opened a window for former employees who are vested in the plan who have yet to retire. The company did not say how many former employees to which it made the offer, but that the population represented $60.5 million in liabilities. Those who wished to take the offer were required to do so between July 15 and Aug. 29 and payments are scheduled to be made sometime before Oct. 31.
The plan has been frozen to benefit accruals since June 30, 2013. The company didn't say how many former employees it expected to take the offer but said it didn't expect “full participation.”
As of April 30, the U.S. defined benefit plan had $215.9 million in assets and $336.9 million in projected benefit obligations, for a funding ratio of 64%, according to its most recent 10-K filing.
Company spokesman Tom Griffin could not be immediately reached to provide further information.
