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Thursday, Sep 20
2012, 5:20 PM
Archer Daniels Midland (ADM) is amending its qualified pension plans by offering to pay some...
Archer Daniels Midland (ADM) is amending its qualified pension plans by offering to pay some employee pension benefits in a lump sum. The voluntary payments could reduce its overall pension benefit obligation by approximately $140M-$210M and improve its underfunding by approximately $35-$55M. As a result, ADM estimates it will incur a charge of approximately $45-$65M in Q4. Actual participation rates and payout amounts will not be known until December. Shares +0.3% AH.