PVH Corp., New York, offered a lump-sum window to some former employees in its U.S. defined benefit plans, the company announced in a 10-Q filing with the Securities and Exchange Commission on Tuesday.
The offer was made in September to about 3,400 former employees who were vested in the company’s U.S. defined benefit plans but who had yet to retire. About 950 of those former employees, or about 28%, accepted the offer. Payments will be made from plan assets in December, the filing said.
The company has five open U.S. defined benefit plans, but did not specify from which plans it is paying the lump sums.
As of Jan. 31, U.S. defined benefit plan assets totaled $567.4 million and projected benefit obligations totaled $651.7 million, for a funding ratio of 87.1%, according to the company’s most recent 10-K filing.
Dana Perlman, treasurer and senior vice president, business development and investor relations, could not be immediately reached to provide further information.
