Arconic Reduces Gross Pension Obligation by $1 Billion with Purchase of Group Annuity Contract
Arconic Corporation (ARNC)
Last arconic corporation earnings: 1/27 06:50 am
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US:NYSE Investor Relations:
arconic.com/global/en/investors/overview.asp
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Source: Business Wire
PITTSBURGH--(BUSINESS WIRE)--Arconic Corporation (NYSE: ARNC) (“Arconic” or “the Company”) announced today it has purchased a group annuity contract from Massachusetts Mutual Life Insurance Company (“MassMutual”) and transferred approximately $1 billion of the Company’s U.S. pension plan obligations and related plan assets to MassMutual.Arconic Chief Executive Officer Tim Myers said, “We are thoughtfully moving portions of our pension obligation to MassMutual, a highly-rated, well-respected insurance company, to preserve benefits to our retirees and their beneficiaries while maintaining the funded status of the remaining plan obligations. The transaction represents the latest step in our ongoing effort to reduce legacy liabilities and the volatility associated with factors beyond our control.”The group annuity contract results in the transfer of responsibility for remaining pension benefit payments to MassMutual for approximately 8,400 Arconic retirees or beneficiaries. Participan
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