Teleflex Inc., Wayne, Pa., is terminating its primary U.S. pension plan.
The medical equipment company's board of directors in May approved the termination of the Teleflex Inc. Retirement Income Plan, effective Aug. 1, the company disclosed in its 10-Q filing with the SEC on Thursday.
The plan has been frozen to benefit accruals since 2012. Pending IRS and PBGC approval of the termination, the company will provide participants the option to receive a lump sum, and then purchase a group annuity contract from an insurance company to transfer the remaining liabilities.
As of Dec. 31, the company's U.S. and non-U.S. pension plan assets totaled $357 million, equal to its projected benefit obligations, according to its most recent 10-K filing.
The new 10-Q filing does not provide a projected timeline for the completion of the termination process.
Lawrence Keusch, vice president, investor relations and strategy development, could not be immediately reached for further information.