SpartanNash Co., Grand Rapids, Mich., disclosed in a 10-Q filing with the SEC that it plans to terminate its pension plan.
The process is expected to take 12 to 24 months and will give participants the option of receiving an annuity or a lump sum, according to the filing Wednesday with the Securities and Exchange Commission.
The SpartanNash Co. Pension Plan was created on Dec. 31, 2014, as the result of the merger of two plans, a defined benefit plan and cash balance pension plan, which were frozen to benefit accruals on Dec. 31, 1997, and Dec. 31, 2010, respectively.
There was no further information about transferring liabilities to an insurance company through a group annuity contract.
As of Dec. 30, the plan had $81.2 million in assets and $80.2 million in projected benefit obligations, for a funding ratio of 101.2%, according to the grocery distributor's most recent 10-K filing.
Also according to that filing as of that same date, the plan's asset allocation was 79.4% fixed income, 19.3% equities and 1.3% cash equivalents.
Spokeswoman Meredith Gremel could not be immediately reached to provide further information.