Levi Strauss & Co., San Francisco, has completed a lump-sum offer program for vested participants in its U.S. pension plan.
The apparel company made the offer to an undisclosed number of vested participants in the plan in July, and the offer window closed Sept. 4, according to the company's 10-Q filing Tuesday with the SEC.
Participants who elected the lump sum will receive payments from pension plan assets in November, according to the filing. The total amount of assets to be distributed was not disclosed.
As of Nov. 24, 2019, Levi Strauss' U.S. pension plan assets totaled $1.091 billion, while projected benefit obligations totaled $1.262 billion, for a funding ratio of 86.5%, according to the company's most recent 10-K filing.
Levi Strauss spokeswoman Kelly Mason could not be immediately reached for further information.