In coming weeks, NCR said it will contact about 7,000 eligible deferred vested participants with a personalized letter about the offer. The company said it expects to complete lump sum payments under the voluntary lump sum offer by year end 2017.
NCR has wrestled with pension issues for years. In 2004, the company closed its U.S. pension plans to new participants and froze the pension benefits of participants under the age of 40. Then in 2006, it ended defined-benefit pension plans altogether, increasing contributions to employee 401(k) plans.
NCR was born and based in Dayton for more than a century before it moved its headquarters and most of its employees to the Atlanta area in 2008 and 2009.