LSC Communications offers lump sum to pension plan participants

LSC Communications Inc., Chicago, offered a lump-sum window in the third quarter to active and former participants in its U.S. pension plan.

The offer was made to "certain active participants and terminated participants who were entitled to a pension benefit," according to the company's 10-Q filing with the SEC on Thursday.

As a result of the offer and those who accepted the offer, the funded status of the plan increased by $71 million, according to the filing.

Further information on the nature of the population that was offered the lump sums and who accepted the offer was not disclosed.

It is the second transfer of pension liabilities for the commercial printing company in as many years.

In the first quarter of 2019, LSC purchased a group annuity contract from an undisclosed insurance company to transfer about $477 million in U.S. pension plan liabilities

As of Dec. 31, U.S. pension plan assets totaled $2.09 billion, while projected benefit obligations totaled $2.16 billion, for a funding ratio of 96.8%, according to the company's most recent 10-K filing.

Janet M. Halpin, senior vice president, treasurer and investor relations, could not be immediately reached to provide further information.