Oil-Dri Corp. of America, Chicago, closed and froze its pension plan effective March 1.
The action was the result of a Jan. 9 amendment to the Oil-Dri Corp. of America Pension Plan to freeze participation and all future benefit accruals in the plan, which also closes the plan to new hires as of March 1, confirmed Leslie A. Garber, manager of investor relations.
As of July 31, the Oil-Dri Corp. of America Pension Plan had $40.73 million in assets, while projected benefit obligations totaled $61.55 million, for a funding ratio of 66.2%, according to the company's most recent 10-K filing.
