Time Warner Inc., New York, offered a lump-sum window to some participants in its U.S. pension plan, the company said in its 10-Q filing with the Securities and Exchange Commission on Wednesday.
The company said the offer was made to former employees vested in the Time Warner Pension Plan, the company’s U.S. plan. The offer was limited to those who had left Time Warner on or before May 31 and had yet to retire as of that day, and only to those former employees who had accrued total pension benefits of less than $50,000.
The window to elect the offer opened Aug. 16 and closed Oct. 7. The company did not provide information on the number of participants who received the offer, nor how much in pension liabilities they represented. Payments to those who elected the offer will be made in December.
As of Dec. 31, the Time Warner Pension Plan had $2.1 billion in assets, according to the company’s most recent Form 5500 filing; projected benefit obligations were not available.
Combined U.S. and international plan assets totaled $2.698 billion as of Dec. 31, while U.S. and international projected benefit obligations totaled $3.439 billion, for a funding ratio of 78.4%, according to the company’s most recent 10-K filing.
Company spokesman Keith Cocozza did not reply to requests for further information by press time.
