Boise Cascade Co., Boise, Idaho, offered lump sums to active employees, as well as former employees vested in its defined benefit plan, the company announced in its 10-Q filing on Wednesday.
The company said in the filing it made the offer, which closed on Sept. 30, to active employees provided they retire on or before Nov. 1 in addition to the more traditional offer to former employees who are vested in the DB plan but who have yet to retire.
Both populations elected to receive a combined $21 million in lump-sum payments; the company did not provide a specific number of participants who took the offer and did not provide further information on how that $21 million is split between the two populations.
As of Dec. 31, defined benefit plan assets totaled $399 million and projected benefit obligations totaled $484 million, for a funding ratio of 82.4%, according to the company's most recent 10-K filing. The plan has been frozen to salaried employees since Dec. 31, 2009, according to the filing.
John Sahlberg, company spokesman, could not be immediately reached to provide further information.
