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 […]
Neenah Inc. has transferred $64 million in U.S. pension liabilities to an undisclosed insurance company. This pension de-risking transfer affects approximately 1,400 Neenah retirees. Neenah Inc. is a leading global manufacturer of specialty materials serving customers across six continents, with headquarters in Alpharetta, Georgia.
Jack Cohen, Board Chairman of the Association of BellTel Retirees passed away suddenly on September 29, 2021. Jack was a tireless advocate for all retirees, as well as a beloved husband and doting grandfather. The world is a lesser place without Jack Cohen, and his sage advice and wisdom on issues facing retirees will be […]
HP Inc., based in Palo Alto, California will transfer $5.2 Billion in pension liabilities to Prudential Insurance Company of America as of October 31, 2021. This represents approximately one-half of HP’s U.S. pension liabilities. The pension de-risking transfer affects some 41,000 retirees and beneficiaries. HP disclosed this information in its recent 10-Q filing.
Lockheed Martin transferred $4.9 billion in pension obligations to two of Bermuda based Athene’s subsidiaries, Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York. This is Lockheed’s second pension risk transfer transaction with Athene. This pension de-risking transfer affects some 18,000 participants of Lockheed Martin’s pension plan who are […]
Northbrook, Illinois based IDEX Corp., purchased a group annuity contract from Legal & General and terminated its US pension plan on June 17, 2021. According to its 8-K filing, IDEX used a combination of lump-sum payments and the group annuity contract to settle its remaining obligations to its retirees and their beneficiaries.
In April 2021, Arconic Corporation, the aluminum provider based in Pittsburgh transferred $1 Billion in pension liabilities to Massachusetts Mutual Life Insurance Company. This transaction affected approximately 8,400 Arconic retirees or beneficiaries. Prior to the transfer, Arconic made a $250 million contribution to its US pension funds. MassMutual will assume responsibility for making payments to […]
Hartsville, South Carolina based Sonoco Products Company, an international provider of consumer and industrial packaging, transferred its pension liabilities for approximately 8,300 plan participants and their beneficiaries under the Sonoco Products Pension Plan for Inactive Participants to Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York. In May 2021, […]
Philips North America has transferred $1.2 Billion of pension liabilities to MetLife and Principal Financial Group. This transaction affects approximately 11,000 retirees and their beneficiaries. MetLife will administer the benefits and will be financially responsible for 75% of the liabilities. Principal has sole responsibility for approximately 2,000 deferred participants.
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 […]
Retirees for Justice Inc. | 175 West Putnam Avenue, 2nd Floor | Greenwich, CT 06830 | (203) 993-6011 | info@retireesforjustice.org
Mailing Address: | P.O. Box 384 | Maineville, OH 45039 |
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