Lear Corp., Southfield, Mich., is offering a lump-sum window to certain former employees in its U.S. defined benefit plan, the company announced Wednesday in a 10-Q filing with the Securities and Exchange Commission.
The offer window is being made to certain former employees who are vested in the pension plan but have yet to retire, the filing said. The company did not specify how many participants are being offered the lump sum, nor how much in pension liabilities they represent. The window to accept the offer closes Nov. 10, and the company expects to distribute payments in December.
As of Dec. 31, Lear's U.S. defined benefit plan assets totaled $522 million, while projected benefit obligations totaled $687 million, for a funding ratio of 76%, according to the company's most recent 10-K filing.
Officials at Lear Corp. could not be immediately reached to provide further information.