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Barnwell Industries terminates pension plan with $3.7M estimated surplus to revert
BRNBarnwell Industries Inc
The Board of Directors approved the termination of the company's qualified defined benefit pension plan, effective around November 30, 2026. The company intends to satisfy all benefit obligations by purchasing irrevocable annuity commitments from a creditworthy insurer. As of September 30, 2026, plan assets totaled approximately $12.8 million against an estimated termination liability of $7.3 million and supplemental executive retirement plan obligations of $1.8 million. This results in an estimated net surplus of $3.7 million before administrative costs, taxes, and transaction fees. The company anticipates the reversion of these funds to occur in December 2026 for general corporate purposes. Barnwell Industries operates in the oil and gas sector, focusing on the acquisition, development, and production of hydrocarbon assets.