A global manufacturing company with $31 billion in pension assets faced rising liabilities and skyrocketing PBGC premiums exceeding $100 million annually. Despite measures like closing its defined benefit plan to new entrants and shifting to a cash balance plan, pension volatility persisted. Partnering with Conduent, the company offered lump sum cash outs to terminated vested participants, later expanding the option to all members. Conduent managed communications, call center support, and data cleanup, releasing over $1 billion in liabilities. The initiative saved more than $300 million in PBGC premiums, with a take rate above 50 percent.

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