Alcoa Announces Additional Actions on Pension and Other Postemployment Benefits (OPEB) in the United States
Alcoa Corporation (AA)
Last alcoa corporation earnings: 4/22 04:10 pm
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Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--Alcoa Corporation, a global leader in bauxite, alumina, and aluminum products, today announced additional actions to reduce liabilities and volatility risk from pensions and other postemployment benefits (OPEB).The actions are in alignment with Alcoa’s strategic priorities, including making balance sheet improvements, and will reduce the Company’s pension and OPEB liabilities by approximately $190 million, before remeasurements for affected plans, in the fourth quarter 2019. The Company will record a non-cash settlement charge of approximately $75 million (pre- and after-tax), or $0.40 per share, in the fourth quarter of 2019.In October of 2019, Alcoa offered lump sum buyouts to specific participants in its U.S. defined benefit pension plans. As a result, the Company paid approximately $110 million from plan assets on November 30, 2019 to about 1,700 participants and was relieved of the corresponding pension liability.Separately, Alcoa intends to make
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