Richmond, Virginia-based Brinks Inc. is offering about 9,000 former employees a lump-sum payment in lieu of monthly payments from the company's pension plan when they retire.
Eligible participants are former Brinks employees whose relationship with the company ended before June 1, 2014, and who are not scheduled to begin to receive pension benefits until Dec. 1, 2014.
In a Form 8-K filing made to the SEC on Aug 29, Brinks said it plans to pay for the lump-sum payments from the company's Pension Retirement Plan.
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The former employees of Brinks, who have yet to retire, will also have the option of choosing a reduced annuity, with payments beginning in December of this year, according to the filing.
"The company determined to make this offer as part of its pension de-risking strategy to reduce the size of its pension obligations and the volatility in the company's overall financial condition," the company said in its 8-K.
According to its website, Brinks employs over 70,000 people worldwide.
Brink's most recent quarterly report says the company's defined benefit plan holds $812 million in assets and is almost 87 percent funded.
Eligible participants will have from Sept. 9 until Oct. 24 to accept the lump-sum payment or the reduced annuity.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
