Pension De-Risking Hits Nine Year High – 2021

Pension de-risking transfers totaled $34.2 Billion in 2021, the highest since 2012. Two of the largest pension de-risking deals of 2021 involved Athene Holdings. Lockheed Martin transferred  $4.9 Billion in pension liabilities affecting 18,000 employees to Athene Holdings effective January 1, 2022. Athene also took on $2.8 Billion in pension liabilities from JC Penny affecting […]

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Senator Chris Murphy Introduces the Pension Risk Transfer Accountability Act of 2021

On March 3, 2022, Senator Chris Murphy (D-Conn) introduced the Pension Risk Transfer Accountability Act of 2021, legislation designed to make defined benefit pensions plans more secure by directing the U.S. Department of Labor to review its guidance on pension risk transfers (PRT) and determine whether additional guidance is necessary to protect pensioners. The guidance […]

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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 […]

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Pension Risk Transfers – 2021 Predicted to Surpass 2012’s $36 Billion Recor

By the end of the third quarter of 2021, pension risk transfers totaled $25.7 Billion. Mark Paracer of the Secure Retirement Institute predicts that “the annual record of $36 billion set in 2012” will be surpassed when the final data from 2021 is published. The fourth quarter is historically the strongest quarter for PRT as […]

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NorthWestern Energy Transfers Pension Liability to Pacific Life Insurance

NorthWestern Energy, based in Sioux Falls, South Dakota transferred $94 million in pension liabilities to Pacific Life Insurance effective January 1, 2022. This pension de-risking transfer effected 1,062 participants in the NorthWestern Energy Pension Plan. Pacific Life is now responsible for paying benefits to those retirees. NorthWestern Energy serves gas and electric to customers in […]

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Pactiv Transfers $1.26 Billion in Pension Liabilities

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 […]

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Neenah Inc. Transfers $64 Million in Pension Liabilities

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.

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In memory of Jack Cohen, Chairman of the Association of BellTel Retirees

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 […]

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HP $5.2 Billion Pension De-Risking Transfer

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.

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Lockheed Martin Transfers $4.9 Billion to Athene

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 […]

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