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Stock Market & Financial Investment News

News For HI From The Last 14 Days
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April 1, 2015
09:20 EDTHIHillenbrand offers lump sum pension plan election, expects $10M-$16M charge
In a regulatory filing, Hillenbrand has announced that it will offer approximately 3,000 former employees who are participants in the companyís U.S. defined benefit pension plan the opportunity to elect a lump sum distribution of their earned plan benefits. Eligible participants are expected to have approximately forty-five days in which to make this election, beginning in June. The planís fiduciaries expect to make the lump sum payments to electing eligible participants in September, funded by the existing assets in the plan. The company is offering this one-time election with the goal of reducing the costs of administering and funding the plan. The company expects to record a one-time, non-cash income statement settlement charge of approximately $10M-$16M pre-tax in September. "The results of this offer will not impact adjusted earnings, and the company does not expect that the offer will have any material effect on its cash flow or balance sheet position," said Hillenbrand.

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