Companies that are offering lump-sum pension buyouts
Below is a list of employers that have announced that they are offering lump-sum pension buyouts to certain groups of employees, former employees, or retirees. For specifics, click on the employer's name to see the company's press release, SEC filing, or news story announcing the change (some links may expire).
This list was started in 2012, after Ford and General Motors announced that they were offering lump sums to thousands of retirees and former workers. Read our related fact sheet, Should You Take Your Pension as a Lump Sum?.
(Note: this is not a comprehensive list. These are only the changes that we are aware of, based on corporate press releases, news reports, and other sources.)
|Offer Made to|
|08/29/2014||The Brinks Company||9,000 terminated, vested participants who have not yet retired|
|08/05/2014||Archer-Daniels-Midland Company||10,000 participants who started pension benefits by June 30, 2014|
|07/11/2014||RockTenn||9,000 former employees who have not yet retired|
|06/10/2014||NCR Corporation||20,000 former employees already receiving pensions|
|05/09/2014||Alcatel-Lucent||45,000 retirees and former employees (in 2015)|
|02/26/2014||Heinz*||5,173 active and former employees and retirees|
||Anixter International Inc.||an unknown number of terminated vested participants|
|unknown||Lockheed Martin Corp.||33,000 former employees|
|10/24/2012||Kimberly-Clark Corporation||10,000 former employees|
|10/19/2012||Baxter International Inc.||16,000 former employees|
|10/09/2012||Yum! Brands||"certain former employees"|
|10/05/2012||A.H. Belo Corporation||1,500 participants with pensions valued at $30,000 or less|
||3,500 former employees
||Thomson Reuters||unknown number of former employees
|09/20/2012||Archer-Daniels-Midland Corporation||7,000-7,500 former employees|
||"nearly 10,000" former employees
||New York Times Company
||5,200 former employees
|09/14/2012||Sears Holdings||unknown number of participants|
|09/??/2012||J.C. Penney||35,000 former employees|
|08/7/2012||Energy Future Holdings Corporation||unknown number of employees|
||23,000 former employees
|General Motors Co.*||
42,000 salaried retirees
|Ford Motor Company||
90,000 salaried retirees and salaried former employees
*terminating its plan
Looking for help with your retirement plan?
If you have a problem with your retirement plan, free help may be available from the U.S. Administration on Aging's network of Pension Counseling and Information Projects. Find help now.
Roadmap to retirement
Let our roadmap to helpful information about retirement plans for private-sector workers put you on the path toward a secure retirement. Get started.
PensionHelp America connects people who need help with their pension, 401(k), and other retirement plans with the pension counseling projects, legal services providers, and government agencies that can help answer their questions. Visit www.pensionhelp.org.
Get E-mail Updates
Retirement USA is a national initiative that is working for a new retirement system that, along with Social Security, will provide universal, secure, and adequate income for future retirees. Visit the website.
Did You Know?
A joint-and-survivor annuity is an annuity that pays a monthly benefit over the lives of the participant and his or her surviving spouse. This is the default form of benefit for married participants in most defined benefit pension plans. Because it lasts for the life of both the worker and the spouse, a joint-and-survivor annuity typically results in a lower monthly benefit payment than a single-life annuity.