R.J. Reynolds to Offer Pension Payouts

R.J. Reynolds Tobacco Holdings Inc. is offering a lump-sum payment to some workers and retirees in a move designed to ensure their pension benefits. The country’s second-largest cigarette maker said the offer had nothing to do with projections of its financial future after a potentially devastating $36.28-billion punitive damages verdict in a lawsuit by Florida smokers. The eligible workers and retirees total fewer than 200. The group comprises employees and retirees who have high salaries or who have worked for the Winston-Salem, N.C.-based company so long that their pensions are greater than that guaranteed by the Pension Benefit Guaranty Corp., said an RJR spokesman. The company also faces 540 additional lawsuits and about $60 billion in settlement payments with states. R.J. Reynolds Tobacco shares fell 19 cents to close at $28 on the New York Stock Exchange.