NCR Corp. (NYSE: NCR) said that it is offering a voluntary lump sum payment option to certain former employees or beneficiaries currently receiving a monthly benefit from its US pension plan. With this action, NCR expects to reduce pension liabilities for the company as well as reduce pension-related expenses.
This offer will create a settlement event in the fourth quarter of 2014 that is not expected to have a material impact on NCR´s financial results and will be a part of the annual mark-to-market adjustment.
The offer is voluntary, providing approximately 20,000 former employees or beneficiaries currently receiving monthly pension benefits with an opportunity to have greater flexibility and control in managing their retirement. The lump sum payment represents the present value of an individual´s current monthly pension plan benefit.
NCR is a leader in consumer transaction technologies, turning everyday interactions with businesses into exceptional experiences. The company is headquartered in Duluth, Georgia with approximately 29,000 employees and does business in 180 countries. Its website is at www.ncr.com.