Clorox to terminate primary U.S. pension plan
The Clorox Co., Oakland, Calif., is terminating is primary U.S. pension plan.
The household products company’s board of directors approved the resolution May 17 to terminate the plan, according to its 10-K filing with the SEC on Wednesday.
The company plans to settle the plan with a combination of lump sums to participants and the purchase of a group annuity contract from an insurance company to transfer the remaining assets and liabilities, the filing said.
The completion of the termination is expected to take 18 to 24 months from the date of the board’s resolution, according to the filing. The plan was frozen as of June 30, 2011, for all employees except for union employees, whose benefits were frozen to future accruals effective Jan. 1, 2019.
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