2018 saw many pension de-risking transfers, and industry experts expect this trend to continue unabated into 2019. In fact, Bristol-Myers Squibb has already announced a $3.8 Billion transfer to Athene Annuity and Life Company for August, 2019. We will have to wait and see if that pension risk transfers tops the 2019 charts.
Some of the larger pension de-risking transfers of 2018 were:
Ball Corporation of Broomfield, Colorado – $220 Million in pension liabilities transferred, affecting 11,000 retirees.
Federal Express, Memphis, Tennessee – $6 Billion in pension liabilities transferred to Metropolitan Life Insurance Co.
Materion Corp., Mayfield Heights, Ohio – $111 Million in liabilities transferred to Mutual of America Life Insurance Company
International Paper – transferred $1.6 Billion in pension liabilities to Prudential Insurance Company of America
Devon Energy, Oklahoma City, Oklahoma – transferred $190 Million in pension liabilities
Archer Daniels Midland Company, Chicago, Illinois – transferred $500 Million in liabilities to Prudential
AK Steel, West Chester, Ohio – transferred $280 Million to Massachusetts Mutual Insurance Company
Boise Cascade Company, Boise, Idaho – Two separate transactions in 2018, one for $152 Million, and the other for $122 Million both to Prudential