NCR, attempting again to cut pension costs, said Tuesday that it will offer lump-sum pension buyouts to about 20,000 former employees or beneficiaries already receiving the benefits.
Participation is voluntary.
The company — which moved its headquarters from Dayton to Duluth, Ga., in 2010 — is offering to pay an amount representing the present value of the recipients’ monthly pension benefit. That will enable NCR to shed some liabilities tied to ensuring pension payments that spread out decades into the future. The company said it also will reduce expenses tied to its pension.
“This offer is part of our pension transformation and is consistent with our overall de-risking strategy,” company treasurer John Boudreau said in an NCR press release.
In 2012 the company offered a somewhat similar program, but it was aimed at about 23,000 former employees who had not begun drawing pension benefits. At that time, NCR officials said dealing with legacy issues was a key part of a reinvention plan for NCR.
In April, the Atlanta Journal-Constitution reported that NCR was exploring moving its operations from Duluth to Atlanta, 30 miles away. The company received millions of dollars in subsidies to move to Duluth, which is in Gwinnett County northeast of Atlanta.
The AJC reported that documents show NCR considered asking Georgia Tech’s foundation to spend up to $30 million to buy land for a new corporate campus near the Atlanta school to house as many as 4,000 NCR employees. The idea was floated in February as NCR explored relocating its headquarters to be close to the Tech campus, the documents showed.