Pension de-risking transfers totaled $34.2 Billion in 2021, the highest since 2012. Two of the largest pension de-risking deals of 2021 involved Athene Holdings. Lockheed Martin transferred $4.9 Billion in pension liabilities affecting 18,000 employees to Athene Holdings effective January 1, 2022. Athene also took on $2.8 Billion in pension liabilities from JC Penny affecting 30,000 retirees. In 2020, Bermuda based Athene was fined $45 Million by the State of New York for violations related to its pension de-risking business. According to New York’s Department of Financial Services investigation, Athene improperly entered into 14 pension de-risking transfers involving thousands of New York residents.
https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg 0 0 lisa https://edwardstonelaw.com/wp-content/uploads/2019/07/Edward-Stone-Law-Logo-Web-1.jpg lisa2022-08-16 11:19:432022-08-16 11:19:43Pension De-Risking Hits Nine Year High in 2021