NCR Corporation announced that it will offer a voluntary lump sum payment option to certain former employees or their beneficiaries who are deferred vested participants in its U.S. qualified pension plan and who have not yet started monthly payments of their basic pension benefits.  

This action will provide eligible participants with additional benefit payment options not normally available to them and will potentially reduce the size of the U.S. plan.  The lump sum payment offer is being funded with existing plan assets and no additional contribution to the plan is required in connection with this offer.

In the coming weeks, NCR will contact approximately 7,000 eligible deferred vested participants with a personalized letter about the voluntary lump sum offer, which is designed to give them more flexibility in managing their retirement benefits.  NCR expects to complete lump sum payments under the voluntary lump sum offer by year end 2017.

Overview of Voluntary Lump Sum Offer
The details of the voluntary offer will be described in the personalized letter that eligible deferred vested participants will receive in the coming weeks.

The voluntary offer will include the following choices, which are designed to provide greater flexibility in managing retirement benefits:

• One-time lump sum payment rolled over to an IRA or another employer's qualified plan (if permitted by that plan)

• One-time lump sum payment rolled over to the NCR Savings Plan (for individuals with NCR Savings Plan accounts)

• One-time lump sum payment in cash payable in December 2017

• Monthly annuity payment (single life or joint and survivor) commencing in December 2017

• Take no action (remain subject to the plan’s normal payout options and normal benefit commencement dates)

Eligible participants will have from September 6 until October 20, 2017 to make a decision on these voluntary benefit payment options. Participants with questions before September 6 can visit the NCR website http://www.ncr.com/ncr-lump-sum-offer for additional details on the offer.

Participants who are currently receiving monthly benefits from the U.S. pension plan (retirees), participants who are current employees of NCR, and certain other U.S. pension plan participants described in the lump sum offer materials are not eligible for this offer.

Request by NCR for Updated Participant Contact Information
In order to receive the lump sum offer materials and/or other important information about the pension plan, NCR encourages participants to contact the NCR Benefits Service Center as soon as possible to make sure that the Company has their current mailing address and contact information on file (regardless of whether a participant is eligible for this offer):

• Update by Phone:  NCR Benefits Service Center telephone representatives are available at 1-800–245–9035, Monday through Friday between 8:30 a.m. and 8:00 p.m. Eastern time (excluding most New York Stock Exchange holidays).

• Update by Internet:  If you have already established a login and password for the NCR Benefits Service Center, you can view your account at any time by accessing www.netbenefits.com/ncr.