Miami-based Ryder System Inc., the national provider of rental trucks, logistics and supply chain management services, is looking to cut its liabilities by offering about 11,000 employees the option to convert their monthly annuity benefit to a cash lump-sum benefit.
The company said in an SEC filing that the one-time offer was made so that the company could "reduce the size and potential future volatility of its U.S. pension plan obligations."
Ryder's pension plans were underfunded by $300 million at the end of 2013, with $1.8 billion in assets and $2.1 billion in liabilities.
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