Reliance Steel & Aluminum Co., Los Angeles, plans to terminate its frozen defined benefit plan.
The termination and distribution of assets is expected to be completed in the second half of 2020, the company disclosed in its 10-K filing with the SEC on Thursday.
Participants will have the option of receiving their benefits in a lump sum or an annuity through a contract yet to be purchased from an insurance company, the filing said.
The frozen pension plan had $47.8 million in assets and projected benefit obligations of $49.8 million as of Dec. 31, according to the filing. The company will continue to maintain some subsidiaries' pension plans.
Overall pension plan assets totaled $107 million, while PBO totaled $116 million as of Dec. 31, for a funding ratio of 92.2%, down from 97.9% a year earlier.
Brenda S. Miyamoto, vice president, corporate initiatives, could not be immediately reached to provide further information.
