FirstEnergy Corp Does a Pension Risk Transfer Deal

FirstEnergy Corp. completed a pension risk transfer at the end of December 2023. The deal transferred the pensions of 2,200 retirees to Banner Life Insurance Co and Reinsurance Group of America (RGA). It was valued at $700 million. Banner Life Insurance is a subsidiary of Legal & General Retirement America (LGRA). Retirees impacted by the transaction were notified in January 2024, after the deal had been completed.

Read more about the deal here.