ARCBEST CORPORATION (NASDAQ:ARCB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October30, 2017, the Board of Directors of ArcBest Corporation (the “Company”) resolved to terminate the ArcBest Corporation Pension Plan (the “Pension Plan”). The termination follows amendments to the Pension Plan to close the plan to new entrants effective December31, 2005 and freeze benefit accruals for eligible employees in the plan effective July1, 2013. Additional information regarding the Pension Plan can be found in our Annual Report on Form10-K for the year ended December31, 2016.
The Pension Plan will terminate effective December31, 2017. Distribution of plan assets to the termination will not be made until the plan termination satisfies the regulatory requirements prescribed by the Internal Revenue Service and the Pension Benefit Guaranty Corporation, which is expected to occur in late 2018. Except for retirees currently receiving payments under the Pension Plan, participants in that plan will have a choice of receiving a lump sum or annuity. Annuity payments to retirees in the Pension Plan will continue under their current elections.
