September 9, 2015 – About 31,000 former J.C. Penney Co. Inc. employees and their beneficiaries have until Sept. 18 to accept a lump sum of their pension plan benefits.
The company said in a 10-Q filing released Tuesday that the lump sum window was opened last month and is being offered to individuals who began receiving benefits from the Plano company between Jan. 1, 2000 and Aug. 31, 2012. It has also been extended to 8,000 employees who left the company as of Aug. 31, 2012 and have deferred vested benefits, the filing states.
Penney will begin making the lump sum payments on Nov. 2 and the expenses will be recognized in the company’s fourth quarter 2015 earnings, the filing said.
Penney has offered a lump sum window to former employees before. In December 2012 it extended a similar offer to 35,000 former employees, 25,000 of which decided to participate. The company paid out $439 million from that window.
Click on the external link below to review the entire article: