JCPenney, the ailing retailer, declared bankruptcy in May 2020 and sold off its retail operations before emerging from Chapter 11 at the end of 2020.  In early April, Athene Holding took over $2.8 Billion of JC Penney’s pension obligations, completing the termination of JCPenney’s pension plan. Two of Athene’s wholly owned subsidiaries, Athene Annuity and Life Company and Athene Annuity & Life Assurance Company of New York will issue a group annuity contract to JCPenney and individual annuity certificates to eligible participants. This transaction affects approximately 30,000 JC Penny retirees and is Athene’s largest pension risk transfer transaction to date.