3M Transfers Pension Obligations to Metropolitan Tower Life Insurance

3M has completed a pension risk transfer deal with Metropolitan Tower Life Insurance Company (“Metropolitan Tower”). It will transfer the pension obligations for approximately 23,000 employees and former employees – approximately 60% of the employees covered by the 3M Employee Retirement Income Plan. The value of these obligations is approximately $2.5 billion. Metropolitan Tower will begin administering pension payments from October 1, 2024. You can read 3M’s statement about the deal here.