Multi-Employer Defined Benefit Plan Transfers Pension Liabilities
The Timber Operators Council Retirement Plan, a multiple employer defined benefit plan established by a group of employers belonging to the same trade association has transferred its pension liabilities to Prudential Financial.
The pension de-risking transfer is valued at $245 million, and effects approximately 3,000 retirees, beneficiaries and future retirees. Prudential Insurance Co. of America (PICA) will take over on April 1, 2022. PICA is a subsidiary of Prudential Financial, Inc.