Coca-Cola Consolidated to terminate primary U.S. pension plan
Coca-Cola Consolidated Inc., Charlotte, N.C., plans to terminate its primary U.S. pension plan.
The consolidated bottling company said it began the process of terminating the plan during the first half of 2022, according to its 10-Q filing with the SEC on Tuesday.
In the filing, the company said it plans to offer a lump sum to “certain plan participants” before completing the purchase of a group annuity contract from an insurance company to transfer the remaining assets and liabilities of the plan.
The filing did not provide further information on the timeline of the plan termination.
As of Dec. 31, 2020, the Coca-Cola Consolidated Inc. Employees Pension Plan had $291 million in assets, according to its most recent Form 5500 filing. Benefit accruals were frozen as of June 30, 2006.
Coca-Cola Consolidated’s other pension plan, which is for certain union employees, remains open.
As of Dec. 31, pension plan assets — all based in the U.S. — totaled $328 million, while projected benefit obligations totaled $359 million, for a funding ratio of 91.4%, according to its most recent 10-K filing.
Spokeswoman Kimberly Kuo could not be immediately reached for further information.
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