In early December, 2018 the pharmaceutical giant, Bristol-Myers Squibb, announced that it was transferring $3.8 Billion of its pension obligations to Athene Annuity and Life Company, offering lump sums to certain plan participants, and terminating its US pension plan. This transfer, with an effective date of August, 2019 affects over 18,000 employees.  State Street Global Advisors acted as the pension plan’s fiduciary consultant. Athene, founded in 2009, is a relatively new entrant in the pension de-risking arena.  According to a press release, Athene closed six pension risk transfer transactions in 2018, totaling more than $1.8 Billion.