Pactiv Transfers $1.26 Billion in Pension Liabilities
Pactiv Evergreen based in Lake Forest, Illinois transferred $1.26 billion in pension liabilities to Metropolitan Tower Life Insurance in an agreement inked on February 16, 2022. This pension de-risking transfer allows Pactiv to shed its responsibilities to approximately 13,300 retirees and beneficiaries. This was Pactiv’s second pension de-risking transfer in one year. In July of 2021 Pactiv transferred $950 million in U.S. pension liabilities to MassMutual. The July transaction impacted approximately 16,300 retirees and beneficiaries. Pactiv Evergreen is one of the largest manufacturers of fresh food and beverage packaging in North America.