Tribune Publishing Co., Chicago, paid out $12 million in lump sums to former employees and retirees who accepted an offer by the newspaper publisher to participants in its pension plan.
The company, whose sole pension plan is the New York Daily News Pension Plan, offered lump sums to all retirees and former employees who were vested in the plan but who had yet to retire, and who had accumulated benefits for a monthly annuity of $500 or less, it disclosed Wednesday in a 10-K filing with the SEC.
About 34.3% of eligible participants accepted the offer, the filing said.
As of Dec. 31, pension plan assets totaled $69 million, while projected benefit obligations totaled $88 million, for a funding ratio of 78.4%, according to the 10-K filing.
Company spokesman Max Reinsdorf could not be immediately reached to provide further information.