Pension buyouts

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  1. GAO report calls for more disclosure to participants in lump-sum offers

    trueU.S. corporate defined benefit plan participants need to be given better information when offered a window to accept lump-sum payments to replace their lifetime benefits, a report from the Government Accountability Office said.

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  1. Hospira pays $22 million in lump sums to former employees

    trueHospira Inc., Lake Forest, Ill., in the fourth quarter paid out $22 million in lump sums to former employees participating in one of its U.S. defined benefit plans who have yet to retire, the company announced Thursday in its 10-K filing.

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  2. Celanese reveals $143 million in lump-sum payments

    trueCelanese Corp. made $143 million in lump-sum payments to terminated vested participants in its U.S. defined benefit plan who have yet to retire.

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  3. Lockheed Martin removes $529 million in PBO through lump-sum payments

    trueLockheed Martin Corp. settled more than $500 million in projected benefit obligations in its U.S. defined benefit plans through lump-sum payments to terminated vested participants.

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  4. ScottishPower completes longevity swap for pension fund

    trueScottishPower U.K. PLC completed a longevity insurance swap with Abbey Life Assurance Co., a Deutsche Bank subsidiary, for its ScottishPower Pension Scheme.

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  5. Intercontinental Exchange reports 34% acceptance rate on lump-sum offer

    trueIntercontinental Exchange Inc. reported in its 10-K filing with the Securities and Exchange Commission on Thursday that about 34% of certain terminated vested participants in its U.S. defined benefit plans accepted the company's lump-sum offer.

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  6. Ryder System settles 12% of pension obligations on accepted lump-sum offers

    trueRyder System Inc., Miami, settled about 12% of its U.S. defined benefit plan obligations after about 60% of former employees accepted a lump-sum payment offer in the fourth quarter.

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  7. Mercer: Pension annuity buyout premium decreases relative to liability

    trueThe average cost of a defined benefit plan purchasing a group annuity contract from an insurer fell to 105.3% of the assets being transferred in December, the latest Mercer U.S. Pension Buyout Index said.

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  8. Timken Co. completes annuity buyout with Prudential to reduce liabilities by $600 million

    trueTimken Co., Canton, Ohio, announced on Thursday it has purchased a group annuity contract from Prudential Insurance Co. of America to pay future benefits for about 5,000 U.S. retirees.

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  9. NCR Corp. agrees to partial pension buyout with Principal Life Insurance

    trueNCR Corp. announced Wednesday it has purchased a group annuity contract from Principal Life Insurance Co. to transfer about $160 million in pension liabilities, representing 4,500 retirees receiving benefits from its pension fund.

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  10. TRW Automotive Holdings agrees to annuity buyout with MetLife for U.S. retirees

    trueTRW Automotive Holdings Inc., Livonia, Mich., purchased a group annuity contract from MetLife Inc. in a $440 million transaction to provide pension benefits to more than 7,000 TRW retirees and beneficiaries.

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  11. TRW completes largest U.K. buyout to date with L&G

    trueThe TRW Pension Scheme, Solihull, England, agreed to a £2.5 billion ($3.9 billion) partial buyout with Legal & General Assurance Society, forming part of a year-long risk transfer project, said David Ellis, U.K. head of bulk pensions insurance at Mercer, the lead adviser to the trustee.

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  12. Rock-Tenn settles $249 million in obligations for lump-sum offer

    trueRock-Tenn Co. announced Monday that it has settled $249 million in projected benefit obligations through a voluntary lump-sum offer to former employees who have yet to retire.

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  13. Makro Staff Pension Scheme completes buy-in with Rothesay Life

    trueThe Makro Staff Pension Scheme completed a £185 million ($291.5 million) pension buy-in with Rothesay Life, said Emma Watkins, partner at Lane Clark & Peacock and lead adviser on the deal.

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