DuPont has offered pension buyouts or annuities to about 9,500 of its U.S. retirees.
The News Journal reports the company made the offer last week, just before it completed a nearly $150 billion merger with The Dow Chemical Co. The companies are now operating as DowDuPont.
Retirees can exchange their pensions for a lump-sum buyout or small monthly annuity. By accepting the offer, the former workers wouldn't have to wait until they reach 62 to collect a traditional pension.
[NATL] Hurricane Irma Lashes Through the Caribbean
Getting some retired workers off the books could help close a pension gap that the newspaper reports exceeded $8 billion at the start of the year.
DuPont released this statement regarding the pension action: "DuPont announced to a group of separated, vested U.S. Pension and Retirement Plan participants that they were being offered a limited-time opportunity to receive their benefit immediately in a single lump-sum payment or to commence their monthly pension annuity early (reduced for early commencement). The offer is generally targeted to former employees who are fully vested in their pension benefits, but do not yet meet the age requirements under the Plan to collect them. The lump-sum election period starts on September 11, 2017 and ends on October 20, 2017, and payments will be made at the end of November/early December 2017."
