Company further reduces pension plan liability while preserving benefits with agreement to secure benefits by annuity purchase
“This group annuity contract purchase is part of our pension
transformation and is consistent with our overall strategy to address
our legacy issues,” said
This group annuity contract purchase is not expected to have a material impact on NCR’s financial results. Any impact of this purchase will be included in the year-end 2014 mark-to-market adjustment. NCR anticipates that the single premium group annuity contract will be issued by The Principal in 2015.
In
Additionally, this group annuity contract provides the same rights to future payments, such as survivor benefits, that are currently provided under the terms of the Plan. No action will be required of any former employee or beneficiary in order to continue to receive such benefits. More information is available by visiting the NCR website at: http://www.ncr.com/home/pension-transformation. Participants may also access Plan information through the NCR Benefits Service Center website at www.netbenefits.com or by telephone at 1-800-245-9035. General information about The Principal can be found on its website at http://www.principal.com/about/index.htm.
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 of the annuitization of pension benefits of certain
former employees or their beneficiaries. 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;
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:
NCR Corporation
Kevin Ruane, 212-589-8553
kevin.ruane@ncr.com
or
Investor
Relations:
Gavin Bell, 212-589-8468
gavin.bell@ncr.com