Updated with correction
Crain Communications Inc. started the process of fully funding and transferring its $40 million pension plan to an insurance company, the Detroit-based company said in an email Monday to employees.
The plan was closed to new employees as of Jan. 1, 2004, and frozen as of Dec. 31, 2011.
Plan participants can either receive a lump sum payout, roll the benefits over to the $113 million Crain 401(k) plan or an IRA, or leave it in the pension plan which will be managed by an insurance company through the purchase of a group annuity contract.
An insurer will take over the plan by late July.
Crain Communications is the parent company of Pensions & Investments.