Alcoa purchases annuity to transfer $55 million in pension plan assets

2021-10-29T16:53:07-07:00October 29th, 2021|Categories: Economy|Tags: , |

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, [...]