Hasbro Inc., Pawtucket, R.I., purchased a group annuity contract from Massachusetts Mutual Life Insurance Co. to transfer the remaining liabilities in a U.S. defined benefit plan to complete a plan termination, the company disclosed Wednesday in its 10-Q filing with the SEC.
The purchase settled all remaining liabilities in the second quarter of 2019, the filing said, following distribution of accepted lump sums offered to vested participants.
The company's board of directors had approved the termination in February 2018 and received regulatory approval during the fourth quarter of 2018. Benefit accruals had been frozen at the end of 2007.
The amounts of the lump sums and annuity purchase were not disclosed.
As of Dec. 31, the toymaker's defined benefit plan assets totaled $357 million, while projected benefit obligations totaled $396 million, for a funding ratio of 90.2%, according to the company's most recent 10-K filing.
The 10-K filing mentioned two U.S. defined benefit plans for non-union employees. Which plan was terminated was not disclosed.
Hasbro officials could not be immediately reached to provide further information.