Miami-based Ryder System Inc., the national provider of rental trucks, logistics and supply chain management services, is looking to cut its liabilities by offering about 11,000 employees the option to convert their monthly annuity benefit to a cash lump-sum benefit.
The company said in an SEC filing that the one-time offer was made so that the company could "reduce the size and potential future volatility of its U.S. pension plan obligations."
Ryder's pension plans were underfunded by $300 million at the end of 2013, with $1.8 billion in assets and $2.1 billion in liabilities.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
