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All About Annuities » Pension Buyout Puts Group Annuities In The Spotlight

Pension Buyout Puts Group Annuities In The Spotlight

Pension Buyout Puts Group Annuities In The Spotlight
News from Insurance News Net:

By Linda Koco
AnnuityNews

MetLife has signed a $ 440 million pension buyout agreement with TRW, a subsidiary of TRW Holdings. It is one of several such deals that MetLife has closed over the last few months, Wayne Daniel, senior vice president-U.S. pensions for MetLife, said in a statement.

MetLife is one 10 or so insurance companies that provide services and products (including group annuities) that are at the heart of such transactions.

According to MetLife, the deal will provide pension benefits to 7,045 retirees and current beneficiaries in TRW’s defined benefit plan.

Called pension risk transfer, or PRT, agreements, pension buyouts are typically sought by companies that have underfunded defined benefit pension plans. The PRT shifts some or all of an employer’s pension obligations to a third party such as an insurance company.

The deal…………… continues on Insurance News Net

… Read the full article


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