Ford to Offer Lump-Sum Pension Payments

Ford Motor Co. says it will offer lump-sum pension payments to about 90,000 U.S. salaried employees and retirees.

The company wants to shrink its $74 billion global pension liability. Its pension plans worldwide were underfunded by $15.4 billion at the end of 2011. Ford will have no further pension obligations to employees who accept the one-time payment.

Ford says it is the first U.S. company to carry out such a program. It says the initiative won't affect its balance sheet because the pension plan will make the payments.