Accenture completed the termination of its pension plan by transferring $1 billion in pension obligations to MassMutual and American General Life Insurance Co., the company announced.
The transaction with MassMutual and the AIG subsidiary was completed in late May and the two companies will assume payment responsibilities in August, Accenture said in a June 23 regulatory filing. In addition to the $1 billion annuity settlement, Accenture paid out about $600 million in lump-sum payments to nearly 7,000 current and former employees. The New York-based professional services company announced its intention to terminate its pension plan in March 2016.
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