Alcoa purchases annuity to transfer $55 million in pension plan assets
By Rob Kozlowski
Source: Pensions & Investments
Alcoa Corp., Pittsburgh, agreed to purchase a group annuity contract to transfer $55 million in pension plan assets to an insurance company.
The agreement, signed this month, transfers the benefit-paying responsibility for about 800 retirees and former employees in one of the company’s pension plans in Suriname, the aluminum company disclosed in its 10-Q filing with the SEC.
The transfer also moves $55 million in pension plan liabilities to the undisclosed insurer, the filing said.
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