In late October, Lennox International Inc., the Richardson, Texas based HVAC manufacturer announced that it was transferring $75 Million in pension liabilities to Pacific Life Insurance Company. In a Q3 earnings call, Lennox CFO Joseph W. Reitmeier stated that: “Similar to what we did in the second quarter, this pension settlement charge relates to an agreement we entered into with Pacific Life Insurance Company in October to annuitize $78 million of our defined benefit pension obligation. As part of this transaction, we also transferred $75 million in pension assets to Pacific Life.” This is the second pension risk transfer for Lennox. In April 2019, Lennox transferred $100 Million to Pacific Life.
https://secureservercdn.net/188.8.131.52/umw.66a.myftpupload.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg 0 0 lisa https://secureservercdn.net/184.108.40.206/umw.66a.myftpupload.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg lisa2019-11-21 10:58:362019-11-21 10:59:02Lennox International Pension De-Risking Continues