Waddell & Reed Financial Inc., Overland Park, Kan., completed the termination of its pension plan through a combination of a group annuity purchased from an insurer and lump sums to participants.
The company contributed $4 million to the plan in July, and that same month made payments to participants who chose the lump-sum distribution, according to the company's 10-Q filing with the SEC on Oct. 30.
Also in July, an insurer from which the company purchased a group annuity contract took over the responsibilities of paying benefits to participants who did not select a lump-sum option.
The name of the insurer, and how many participants whose benefits were transferred to the insurer, were not disclosed.
The company froze benefit accruals in the plan effective Sept. 30, 2017, and the company's compensation committee approved the termination in 2019.
As of Dec. 31, the pension fund had $184 million in assets and $186 million in projected benefit obligations, for a funding ratio of 98.9%, according to the company's most recent 10-K filing.
Spokesman Roger Hoadley could not be immediately reached for further information.
