CSW Industrials Inc., Dallas, completed the termination in September of its U.S. pension plan through a combination of lump sum payments and the purchase of a group annuity contract.
The company paid about $17 million in lump sums to participants that elected the option, it disclosed Tuesday in a 10-Q filing with the SEC.
The remainder of the liabilities — about $36 million — were transferred through a group annuity contract purchased from an insurance company. The name of the insurance company was not disclosed.
As of March 31, U.S. pension plan assets totaled $55 million, while projected benefit obligations totaled $54 million, for a funding ratio of 101.9%, according to the company's most recent 10-K filing.
Mary Burns, vice president, human resources, could not be immediately reached to provide further information.
