The Bank Slate


Sandy Spring in Md. to incur charge from ending pension plan

Sandy Spring Bancorp in Olney, Md., will incur an $8.2 million charge in the third quarter tied to pension settlement expenses.

The $14 billion-asset company disclosed in a regulatory filing that it recently transferred $33.7 million of pension obligations tied to the termination of its pension plan.

Pension obligations were distributed through a combination of lump-sum payments to participants and the purchase of a group annuity contract.

Sandy Spring said that, by transferring the future benefit obligations and annuity administration to Principal Life Insurance, it expects to fully eliminate its qualified pension plan liabilities.

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