Company expects to make a voluntary lump sum payment offer to certain
former employees who are participants in its U.S. qualified pension plan
DULUTH, Ga.--(BUSINESS WIRE)--Aug. 23, 2017--
NCR Corporation (NYSE: NCR) today announced that it will offer a
voluntary lump sum payment option to certain former employees or their
beneficiaries who are deferred vested participants in its U.S. qualified
pension plan and who have not yet started monthly payments of their
basic pension benefits.
This action will provide eligible participants with additional benefit
payment options not normally available to them and will potentially
reduce the size of the U.S. plan. The lump sum payment offer is being
funded with existing plan assets and no additional contribution to the
plan is required in connection with this offer.
In the coming weeks, NCR will contact approximately 7,000 eligible
deferred vested participants with a personalized letter about the
voluntary lump sum offer, which is designed to give them more
flexibility in managing their retirement benefits. NCR expects to
complete lump sum payments under the voluntary lump sum offer by year
end 2017.
Overview of Voluntary Lump Sum Offer
The details of the voluntary offer will be described in the personalized
letter that eligible deferred vested participants will receive in the
coming weeks.
The voluntary offer will include the following choices, which are
designed to provide greater flexibility in managing retirement benefits:
-
One-time lump sum payment rolled over to an IRA or another employer's
qualified plan (if permitted by that plan)
-
One-time lump sum payment rolled over to the NCR Savings Plan (for
individuals with NCR Savings Plan accounts)
-
One-time lump sum payment in cash payable in December 2017
-
Monthly annuity payment (single life or joint and survivor) commencing
in December 2017
-
Take no action (remain subject to the plan’s normal payout options and
normal benefit commencement dates)
Eligible participants will have from September 6 until October 20, 2017
to make a decision on these voluntary benefit payment options.
Participants with questions before September 6 can visit the NCR website http://www.ncr.com/ncr-lump-sum-offer
for additional details on the offer.
Participants who are currently receiving monthly benefits from the U.S.
pension plan (retirees), participants who are current employees of NCR,
and certain other U.S. pension plan participants described in the lump
sum offer materials are not eligible for this offer.
Request by NCR for Updated Participant Contact Information
In order to receive the lump sum offer materials and/or other important
information about the pension plan, NCR encourages participants to
contact the NCR Benefits Service Center as soon as possible to make sure
that the Company has their current mailing address and contact
information on file (regardless of whether a participant is eligible for
this offer):
-
Update by Phone: NCR Benefits
Service Center telephone representatives are available at 1-800-245-9035,
Monday through Friday between 8:30 a.m. and 8:00 p.m. Eastern
time (excluding most New York Stock Exchange holidays).
-
Update by Internet: If you have
already established a login and password for the NCR Benefits Service
Center, you can view your account at any time by accessing www.netbenefits.com/ncr.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in omni-channel solutions,
turning everyday interactions with businesses into exceptional
experiences. With its software, hardware, and portfolio of services, NCR
enables nearly 700 million transactions daily across retail, financial,
travel, hospitality, telecom and technology, and small business. NCR
solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Ga., with over 30,000 employees and does
business in 180 countries. NCR is a trademark of NCR Corporation in the
United States and other countries. NCR encourages investors to visit its
web site which is updated regularly with financial and other important
information about NCR.
Website: www.ncr.com
Twitter:
@NCRCorporation
Facebook:
www.facebook.com/ncrcorp
LinkedIn:
www.linkedin.com/company/ncr-corporation
YouTube:
www.youtube.com/user/ncrcorporation
Notes to Investors
This release contains forward-looking statements. Forward-looking
statements use words such as “expect,” “anticipate,” “outlook,”
“intend,” “plan,” “potentially,” “believe,” “will,” “should,” “would,”
“could” and words of similar meaning. Statements that describe or relate
to NCR’s 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;
expectations regarding pension metrics; future contributions and funding
obligations, and the economic and other effects thereof; plans with
respect to voluntary lump sum payment options to be offered to certain
pension plan participants and the effect thereof; and strategies and
intentions regarding NCR’s pension plans. 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: the
strength of demand for ATMs and other financial services hardware;
domestic and global economic and credit conditions including, in
particular, those resulting from uncertainty in the “BRIC” economies,
economic sanctions against Russia, the determination by Britain to exit
the European Union, the potential for changes to global or regional
trade agreements or the imposition of protectionist trade policies, and
the imposition of import or export tariffs or border adjustments; the
impact of our indebtedness and its terms on our financial and operating
activities; the impact of the terms of our strategic relationship with
Blackstone and our Series A Convertible Preferred Stock; the
transformation of our business model and our ability to sell
higher-margin software and services; the possibility of disruptions in
or problems with our data center hosting facilities; cybersecurity risks
and compliance with data privacy and protection requirements; foreign
currency fluctuations; our ability to successfully introduce new
solutions and compete in the information technology industry; our
ability to improve execution in our sales and services organizations;
defects or errors in our products; manufacturing disruptions;
collectability difficulties in subcontracting relationships in Emerging
Industries; the historical seasonality of our sales; the availability
and success of acquisitions, divestitures and alliances, including the
divestiture of our Interactive Printer Solutions business; our pension
strategy and the success thereof, including our ability to successfully
execute our plan to offer a lump sum payment option to certain pension
plan participants; our underfunded pension obligation and the funded
status of our pension plans; the success of our restructuring plans and
cost reduction initiatives; tax rates; 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 U.S. Securities and Exchange Commission,
including NCR’s most recent annual report on Form 10-K, quarterly
reports on Form 10-Q and current reports on Form 8-K. Any
forward-looking statement speaks only as of the date on which it is
made. NCR does not undertake any obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170823005570/en/
Source: NCR Corporation
NCR Corporation
Scott Sykes, 212-589-8428
scott.sykes@ncr.com