An analysis for Chief Investment Officer by Andrea Riquier suggests that investment strategies in 2023 will include a greater number of PRT deals. This is because of the complex interaction of factors including the recent increase in interest rates. In March 2021 when the American Rescue Plan Act provided relief to corporate employers struggling with […]
After Senators Sherrod Brown and Elizabeth Warren showed clear concern for the interests of retirees in their comments in the Senate Committee on Banking, Housing, and Urban Affairs on September 8, 2022, we decided to write to both senators expressing our support for their comments. We also offered to meet with them so we could […]
Slowly, we are beginning to see increased attention questioning whether pension risk transfer (“PRT”) deals are in the best interests of retirees. On October 7, 2022, Life Annuity Specialist published an article asking this very question: “Why the Boom in Pension Transfers to Insurers Has Some Worried”. There are several different issues which should raise […]
Our Executive Director, Edward Stone has written and published an OpEd with Thomas Steed, the Chairman of the Association of BellTel Retirees: 220 billion Reasons for retirees to worry. This is their call to action: “Tens of millions of …retirees already provided time and labor to former employers, over decades-long careers, that we can’t take […]
International Business Machines Corporation, more commonly known as IBM, has transferred $16 billion worth of its defined benefit pension plans obligations to insurers Prudential and Metlife. The transaction impacts approximately 100,000 retirees and is one of the largest pension risk transfer deals done in the United States in the past decade. Read more about it […]
On September 8, 2022, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Current Issues in Insurance. Mr. Steven Seitz, Director of the Federal Insurance Office, testified at the hearing. Senators Elizabeth Warren and Sherrod Brown asked Mr. Seitz especially incisive questions on the effects of pension risk transfer deals […]
In a previous post on this blog, we highlighted that in March, Senator Sherrod Brown, Chairman of the Senate Banking Committee wrote to Steven Seitz, Director of the Treasury Federal Insurance Office, and Dean Cameron, President of the National Association of Insurance Commissioners (NAIC), expressing his concerns about private equity’s growing role in the insurance industry. See […]
On March 16, 2016, Senator Sherrod Brown, Chairman of the Senate Banking Committee wrote to Steven Seitz, Director of the Treasury Federal Insurance Office, and Dean Cameron, President of the National Association of Insurance Commissioners (NAIC), expressing his concerns about private equity’s growing role in the insurance industry. A copy of Sen. Brown’s letter can be found here. […]
According to S&P Global, over a dozen pension de-risking transfers were reported in 2021 where the insurer issuing the group annuity contract was not disclosed. Approximately $3 billion in pension liabilities was transferred in these deals. Lumen Technologies, Inc. Ball Corp. Corteva Inc. (believed to be New York Life) Yellow Corp. Albertsons Cos. Inc. L3Harris […]
U.S. insurance companies reported over $2.08 billion in pension de-risking transfers during the first quarter of 2022. MetLife Inc. reported a transaction with Pactiv Evergreen Inc. Prudential reported deals with Peabody Energy Corp. and the Timber Operators Council Retirement Plan. PotlatchDeltic Corp. transferred $70 million in pension liabilities to American International Group Inc.
Retirees for Justice Inc. | (203) 993-6011 | info@retireesforjustice.org
Mailing Address: | P.O. Box 384 | Maineville, OH 45039 |
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