Company offers voluntary lump sum payment to approximately 20,000 former employees or beneficiaries receiving U.S. pension benefits
“This offer is part of our pension transformation and is consistent with
our overall de-risking strategy,” said
This offer will create a settlement event in the fourth quarter of 2014 that is not expected to have a material impact on NCR’s financial results and will be a part of the annual mark-to-market adjustment.
This offer is completely voluntary, providing approximately 20,000 former employees or beneficiaries currently receiving monthly pension benefits with an opportunity to have greater flexibility and control in managing their retirement. The lump sum payment represents the present value of an individual’s current monthly pension plan benefit.
Overview of the voluntary lump sum offer
The offer is being made only to former employees or beneficiaries who
commenced monthly benefits under the plan between
Eligible participants have from
Certain participants are not eligible for this offer, including former
employees or beneficiaries who commenced their monthly benefits under
the plan before
About
NCR is headquartered in
Web site: www.ncr.com,
www.ncrsilver.com
Twitter:
@NCRCorporation
Notes to investors
This release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements use words such as “expect,” “anticipate,” “intend,”
“believe,” “will,” “should,” “would,” “could” and words of similar
meaning. Statements that describe or relate to NCR’s future plans,
goals, intentions, strategies or financial outlook, and statements that
do not relate to historical or current fact, are examples of
forward-looking statements. The forward-looking statements in this
release include statements about NCR’s pension strategy and the
financial impact and expected benefits of the voluntary lump sum payment
option being offered to certain former employees or their beneficiaries
under NCR’s pension plan. Forward-looking statements are based on our
current beliefs, expectations and assumptions, which may not prove to be
accurate, and involve a number of known and unknown risks and
uncertainties, many of which are out of NCR's control. Forward-looking
statements are not guarantees of future performance, and there are a
number of important factors that could cause actual outcomes and results
to differ materially from the results contemplated by such
forward-looking statements, including those factors relating to:
domestic and global economic and credit conditions; the impact of our
indebtedness and its terms on our financial and operating activities;
our ability to successfully introduce new solutions and compete and in
the information technology industry; the transformation of our business
model and our ability to sell higher-margin software and services;
defects or errors in our products; manufacturing disruptions; the
historical seasonality of our sales; foreign currency fluctuations; the
availability and success of acquisitions, divestitures and alliances,
including the acquisition of Digital Insight; our pension strategy and
underfunded pension obligation; tax rates; compliance with data privacy
and protection requirements; reliance on third party suppliers;
development and protection of intellectual property; workforce turnover
and the ability to attract and retain skilled employees; environmental
exposures from our historical and ongoing manufacturing activities; and
uncertainties with regard to regulations, lawsuits, claims and other
matters across various jurisdictions. Additional information concerning
these and other factors can be found in NCR’s filings with the
Source:
News Media Contact
NCR Corporation
Kevin Ruane,
212-589-8553
kevin.ruane@ncr.com
or
Investor
Contact
NCR Corporation
Tracy H. Krumme, 212-589-8569
tracy.krumme@ncr.com