Barnwell Industries Terminates Defined Benefit Pension Plan
1 report, 1 independent
Updated Tue 01:21
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What happened
Barnwell Industries, Inc. announced the termination of its qualified defined benefit pension plan and the satisfaction of all related benefit obligations. The company stated this action is intended to simplify its balance sheet and reduce legacy liabilities.
From mining.com
Why it matters
The termination allows the company to utilize a net surplus, which was estimated at approximately $3.7 million before costs, to bolster its ability to pursue strategic transactions. The company plans to secure participants' benefits by purchasing annuity contracts.
From mining.com
Who's involved
- companyThe company that terminated its qualified defined benefit pension plan
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The entities involved
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Houston
seat of Harris County, and largest city in State of Texas, United States
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company
legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective