Barnes & Noble Inc., New York, will offer a lump sum to the remaining 2,350 active and terminated vested participants in its terminated defined benefit plan.
The plan was terminated on Nov. 1. That date was also the end of a lump-sum offer to terminated vested participants who had yet to retire, and the company announced in a 10-Q filing that 640 participants representing $15 million in liabilities took the offer. Distributions will take place before the end of December. The further lump-sum offer will come next year.
The defined benefit plan was frozen on July 1, 2000.
As of Dec. 31, 2013, the Barnes & Noble Inc. Employees' Retirement Plan had $54 million in assets, according to the company's most recent Form 5500 filing.