Kemper Corporation Transfers Pension Liabilities
The Kemper Corporation, an insurance holding company based in Chicago, Illinois has transferred $205 million in pension liabilities to Banner Life Insurance Company. Kemper closed its pension plan to new hires on January 1, 2006, and benefit accruals have been frozen since June 30, 2016. Before entering into the pension de-risking transfer with Banner Life, Kemper also offered lump-sum buyouts to certain inactive, vested plan participants who were not yet in pay status. $117 million in lump-sum payments were distributed to those inactive, vested plan participants.