Two U.S. corporations announced recent lump-sum distributions to former employees vested in their pension plans who accepted offers in the fourth quarter, 10-K filings with the SEC on Monday show.
Verso Corp., Miamisburg, Ohio, and Tenneco Inc., Lake Forest, Ill., distributed lump sums to former employees, recording $13 million and $5 million, respectively, in settlement gains on their balance sheets.
Verso included retirees in its offer window, which began Oct. 24 and ended Nov. 22. Out of the roughly 5,000 participants who were offered the lump sum, about 50% accepted the offer, spokeswoman Shawn Hall said in an email. The company distributed a total of about $150 million in lump-sum payments, Ms. Hall said.