Arconic Transfers $1 Billion to MassMutual

Arconic Corporation, the aluminum provider based in Pittsburgh transferred $1 Billion in pension liabilities to Massachusetts Mutual Life Insurance Company. This transaction affected approximately 8,400 Arconic retirees or beneficiaries. Prior to the transfer, Arconic made a $250 million contribution to its US pension funds. MassMutual  assumes responsibility for making payments to the retirees and beneficiaries in July 2021.