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Technology

BRIEF-ADP Offers Voluntary Early Retirement Program To Certain U.S.-Based Associates

March 1 (Reuters) - Automatic Data Processing Inc:

* AUTOMATIC DATA PROCESSING - OFFERING VOLUNTARY EARLY RETIREMENT PROGRAM TO SOME ELIGIBLE U.S.-BASED ASSOCIATES AGED 55/ABOVE WITH 10 YRS SERVICE

* AUTOMATIC DATA PROCESSING - VOLUNTARY EARLY RETIREMENT PROGRAM PROGRAM EXCLUDES SENIOR EXECUTIVE OFFICERS, SOME OTHER KEY LEADERS

* AUTOMATIC DATA PROCESSING SAYS EARLY RETIREMENT OFFER HAS BEEN MADE TO ABOUT 3,500 ELIGIBLE ASSOCIATES, OR ABOUT 6 PERCENT OF WORKFORCE - SEC FILING

* AUTOMATIC DATA PROCESSING - EXPECTS VOLUNTARY EARLY RETIREMENT PROGRAM TO HELP REDUCE PRE-TAX OPERATING EXPENSES STARTING IN EARLY FISCAL 2019

* AUTOMATIC DATA PROCESSING - ASSUMING 35% OF ASSOCIATES PARTICIPATES IN PROGRAM, CO EXPECTS TO RECOGNIZE SPECIAL TERMINATION BENEFIT PRE-TAX CHARGES

* ADP - INTENDS TO FUND SIGNIFICANT MAJORITY OF EARLY RETIREMENT PROGRAM COSTS FROM EXISTING SURPLUS IN CO’S U.S. DEFINED BENEFIT PLAN

* AUTOMATIC DATA PROCESSING - EXPECTS WHEN VOLUNTARY EARLY RETIREMENT PROGRAM BEEN FULLY EXECUTED, ANNUALIZED PRE-TAX SAVINGS OF ABOUT $125 MILLION

* ADP - CO EXPECTS TO RECOGNIZE CERTAIN SPECIAL TERMINATION BENEFIT PRE-TAX CHARGES OF ABOUT $250 MILLION, BEGINNING IN FISCAL Q4 2018

* AUTOMATIC DATA PROCESSING INC - CO ANTICIPATES RECORDING A NON-CASH SETTLEMENT CHARGE AS PART OF VOLUNTARY EARLY RETIREMENT PROGRAM​ Source text : (bit.ly/2Ff7Wdf) Further company coverage:

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