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.)
We have a similar lists of companies that have frozen or changed their traditional pension plans, companies that have reduced or eliminated their matching contributions to employees' 401(k) plans, and companies that have transferred their pension obligations to insurance companies.
|Offer Made to|
|10/22/2014||Ryder||11,000 former employees|
|10/09/2014||YRC Worldwide, Inc.||an unknown number of former employees|
|Q3 2014||CNA Financial Corporation (p. 47)||an unknown number of former employees|
|09/25/2014||Motorola Solutions, Inc.**||32,000 former employees|
|09/23/2014||Newell Rubbermaid Inc.||5,700 former employees|
|09/23/2014||Magnetek||2,800 former employees|
|09/23/2014||American Axle||6,000 former employees|
|09/15/2014||Boeing||40,000 former employees|
|September 2014||Computer Sciences Corporation||unknown|
|September 2014||The Hartford Financial Services Group, Inc. (p. 131)||13,500 former employees|
|08/29/2014||The Brinks Company||9,000 former employees|
|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|
|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|
|11/13/2013||SPX Corporation**||7,500 former employees|
|06/27/2013||McCormick & Company||3,300 former employees|
||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
*purchasing annuities for those who don't take the lump sum
** purchasing annuities for another group of plan participants
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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.