Alcoa Buys Group Annuity for Transfer of $1B Pension Obligations

Alcoa said it purchased group annuity contracts that will facilitate the transfer of about $1 billion of pension obligations and assets associated with benefit plans for some U.S. retirees and beneficiaries.

• The transfer, which will be complete later this month, will further enhance Alcoa’s strong balance sheet, reduce the risk from volatility in pension plan obligations, and continue to meet commitments to retirees and beneficiaries
• The group annuity contracts will be executed by two subsidiaries of Athene Holding

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