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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.
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.
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.
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.
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.
About 70% of terminated vested employees accept Magnetek lump-sum offer
trueMagnetek Inc. announced Wednesday that more than two-thirds of terminated vested participants in its defined benefit plan to whom the company offered a lump sum this fall have taken the offer.
Flowers Foods completes lump-sum offer with 60% acceptance
trueFlowers Foods Inc. announced in a Securities and Exchange Commission filing Wednesday it has made a voluntary lump-sum offer to about 2,500 terminated vested employees who are yet to retire.
CTL Engineering completes pension buyout with Aviva
trueCTL Engineering Pension Scheme completed a full buyout with Aviva as part of an acquisition deal in which the pension fund’s sponsoring company, CTL Engineering Ltd., was involved.
CNA Financial makes lump-sum offer to former employees
trueCNA Financial Corp. offered lump sums to about 11,000 former employees vested in its defined benefit plan.
Aon Minet pension fund completes third buy-in
trueAon Minet Pension Scheme completed a second pension buy-in with Pension Insurance Corp., covering £210 million ($336 million) of liabilities.
Boeing offers lump-sum, immediate annuity options to 40,000 former employees
trueBoeing Co., Chicago, is offering an option of a lump-sum payout or an annuity to 40,000 former employees who have not yet retired, the first time the company has offered such choices from its existing defined benefit plans.
Hartford Financial offers lump sums to former employees
trueHartford Financial Services Group Inc. offered lump sums to about 13,500 terminated vested participants in its frozen defined benefit plan.
2 senators call for derisking rules
trueSenate Finance Committee Chairman Ron Wyden, D-Ore., and Senate Health, Education, Labor and Pensions Committee Chairman Tom Harkin, D-Iowa, want federal regulators to set clear guidelines for employers undertaking pension derisking.
Education firm RM enters into pension buy-in with PIC
trueRM PLC, Abingdon, England, agreed to a buy-in with Pension Insurance Corp. to insure 13% of the liabilities of the company's defined benefit plan.
Ryder System offers lump sums to former employees
trueRyder System Inc. is offering a lump-sum payment to about 11,000 former employees vested in its frozen U.S. defined benefit plan, the company announced in an SEC filing on Wednesday.