Blue Foundry to incur charge from benefit plan exit

Blue Foundry Bancorp in Rutherford, N.J., said it will recognize a $2 million charge in the fourth quarter tied to its exit from a defined-benefit plan.

The $2 billion-asset company said in a regulatory filing Wednesday that it had decided in August to withdraw from the tax-qualified, multiple-employer defined benefit pension plan. The move was authorized, effective Sept. 30. 

The company recognized a $9.2 million charge in the third quarter tied to the exit. 

The added charge reflects the final $11.2 million price for leaving the plan.