Recap of Recent Pension De-Risking Transactions

February 2020:  Armstrong World Industries transfers $1 Billion for 10,000 retirees to Athene

December 2020: Lockheed Martin transfers $1.4 Billion of pension liabilities for 13,500 retirees to MetLife

December 2020: Phillips North America transfers $1.2 Billion in pension liabilities for 11,000 retirees to MetLife and Principal

December 2020:  GE transfers $1.7 Billion of pension liabilities for 70,000 retirees to Athene.

February 2021: Dow transfers $700 Million in pension liabilities for 12,000 retirees to MetLife

April 2021: JCPenney transfers $2.8 Billion in pension liabilities for 30,000 retirees to Athene