Barnes & Noble Inc. is hoping to close the books on its terminated defined benefit plan by offering a lump-sum payment to 2,350 active and terminated employees still on the books.
The company sought to transition from offering pensions to workers back in 2000, when it froze its pension plan. Its board of directors approved a resolution to terminate its defined benefit plan in June, effective Nov. 1, according to filings with the SEC.
The company said it expected to take 18 to 24 months to complete the termination.
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