Cooper-Standard Holdings Inc., Northville, Mich., is terminating its U.S. pension plan.
The automotive parts company's board of directors on Oct. 11 approved merging certain U.S. pension plans and terminating the merged plan, according to its 10-Q filing with the SEC on Wednesday.
The termination of the merged plan will begin on Dec. 31, according to the filing. The completion of the process is expected to be finished in the first half of 2024.
As part of the termination process, the company will offer lump sums to participants and settle the remaining liabilities after the distribution of lump sums through the purchase of a group annuity contract with an insurance company, according to the filing.
Settlement will be "funded primarily from plan assets," the filing said.
