On July 22, 2025, Franklin Electric Co., Inc. entered an agreement with Principal Life Insurance to purchase a $30 million single premium group annuity, transferring pension obligations for 684 retirees due to the termination of its pension plan effective May 12, 2025. Previously, on July 9, 2025, the company also settled $59.9 million in lump sum payments to 1,405 plan participants, expecting a non-cash pension settlement charge of about $60 million in Q3 2025.