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Barnwell Industries will terminate its defined benefit pension plan, secure benefits via annuity purchases, and anticipates surplus assets, preliminarily estimated at approximately $3.7 million before costs and taxes, to revert to the company. The company is targeting December 2026 for the completion of this process.
Barnwell Industries announced its decision to terminate its qualified defined benefit pension plan and satisfy all benefit obligations. This action is part of the company's strategy to simplify its balance sheet and reduce administrative costs.
Barnwell Industries announced the termination of its qualified defined benefit pension plan. The company estimates a preliminary surplus of $3.7 million after all obligations are met.
Barnwell Industries Inc. filed a Form 8K - Other Events with the U.S. Securities and Exchange Commission on October 5, 2026, reporting the Board of Directors' approval on September 30, 2026, to terminate the Barnwell Industries, Inc. Employees' Pension Plan.