ITT Inc., White Plains, N.Y., purchased a group annuity contract from Massachusetts Mutual Life Insurance Co. to complete the termination of its U.S. qualified pension plan.
The purchase was completed in October, according to a 10-Q filing with the SEC Friday. The termination, settling all future pension liabilities, was funded with plan assets totaling $321 million and $8 million in cash.
Plan participants have the option of receiving a lump sum or a monthly benefit from MassMutual in the future, according to the filing.
The company's board of directors voted in February to authorize the termination.
As of Dec. 31, U.S. pension plan assets totaled $319.9 million, while projected benefit obligations totaled $310.4 million, for a funding ratio of 103.1%, according to the company's most recent 10-K filing.
ITT spokesman Emmanuel Caprais could not be immediately reached to provide further information.