American Axle & Manufacturing Holdings Inc., Detroit, paid out a total of $28 million in lump sums to former employees who elected to take an offer from the company in 2019.
The company offered lump sums to about 2,000 former employees who were vested in its U.S. pension plan but had yet to retire, according to the company's 10-K filing Friday with the SEC.
Of those former employees who received the offer, a total of 616 participants accepted it.
As of Dec. 31, the company's pension plan assets, all U.S.-based, totaled $637 million, while projected benefit obligations totaled $740 million, for a funding ratio of 86.1%, according to the 10-K filing.
Spokesman Christopher Son could not be immediately reached to provide further information.
