Staff
Alcoa Corp. is de-risking roughly US$1 billion in U.S. defined benefit pension obligations and assets with an annuity transfer.
The group annuity contracts will be executed by two subsidiaries of Athene Holding Ltd., which will assume payments for roughly 4,400 participants in November, according to a press release.
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This is the company’s fifth pension annuity transaction for a total transfer of about $3.3 billion in pension obligations and assets from 2018 to date, said the release, noting the company expects its U.S. DB pension plans will remain more than fully funded after the transfer is complete.