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J.C. Penney Cuts Its Pension Obligation with Lump Sums and Prudential Annuities
The Dallas Morning News 
Oct. 5, 2015
"J.C. Penney ... said it has cut its $5 billion pension obligation by more than 25 percent by making lump-sum offers to 12,000 retirees and by buying annuities for 43,000 retirees. No changes were made to pension plan benefits of active employees. Penney closed the plan to new hires in 2007.... Penney's pension plan will remain over-funded and the company doesn't expect to have to make cash contributions to it for the 'foreseeable future.' "
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