US - Teche Holding Company (THC) has transferred the responsibility and administration of defined benefit pension payments to an unaffiliated life insurance company.
The company said expenses relating to the pension plans cost US$446,000, $188,000 and $63,000 in 2007, 2006 and 2005, respectively.
It said it would not incur future pension expenses as a result of this transfer.
THC said it would incur a pretax charge of around $1.5m to transfer the obligation of the pension plans.
The company said it would keep a 401(k) plan open to all employees.
THC said it would continue to be "well capitalised" under applicable federal banking regulations after paying the pension plan transfer charges.
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