ITT Inc., White Plains, N.Y., plans to terminate its U.S. qualified pension plan later this year, the company disclosed in its 10-K filing with the SEC on Friday.
The company's board of directors voted Wednesday to authorize the termination of the plan by offering lump-sum distributions to some participants and then transferring the remaining liabilities to an insurance company from which ITT plans to purchase a group annuity contract.
The termination, which is subject to annuity pricing, interest rates and regulatory review, is expected to be completed in the second half of 2020, the filing said.
As of Dec. 31, U.S. pension plan assets totaled $319.9 million, while projected benefit obligations totaled $310.4 million, for a funding ratio of 103.1%, according to the 10-K filing.
ITT spokesman Laurent Lawrence could not be immediately reached to provide further information.