3M Transfers Portion of US Pension Obligations to Met Tower Life

3M purchased a group annuity contract and will transfer a portion of its US pension payment obligations to Met Tower Life.

• 3M will transfer about $2.5b of its defined benefit pension obligations and related plan assets for about 23,000 US retirees and beneficiaries, or about 60% of participants
• The contract was purchased using assets from 3M’s ERIP trust and no additional funding contribution was required
• Expects to recognize an estimated non-cash pre-tax non-operating pension settlement charge of $0.8b and $0.9b in the quarter ending June 30
  • 3M will exclude this settlement charge in non-GAAP results; won’t impact second quarter or ...