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|
|08/05/2014||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
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Did You Know?
A pension plan is a retirement plan that is sponsored by an employer for the purpose of providing retirement income to employees. The most common type of pension plans is a defined benefit plan. Most defined benefit plans provide retirees with guaranteed lifetime payments.