Below is a list of employers that have transferred their pension obligations for certain retirees and former employees to insurance companies by purchasing annuities.
(Note: this is not a comprehensive list. These are only the changes that we are aware of, based on corporate press releases, news reports, and other sources.)
This practice differs from a standard termination of a pension plan, because it is done only for a portion of the participants in the plan, not all of them. Like offering lump-sum payouts, annuity transfers are a form of risk-dumping — a practice that the Pension Rights Center has criticized.
For more information, read our fact sheet about what happens when a pension is transferred to an insurance company.
|05/20/2017||Sears Holdings Corporation||approx. 51,000|
|04/01/2016||Diocese of Palm Beach||unknown|
|10/01/2015||Philips Electronics North America Corp.||17,000 former U.S. employees and their beneficiaries|
|09/10/2015||West Pharmaceuticals Services||1,750 retirees|
|08/19/2015||Lincoln Electric Company||1,900 retirees|
|01/22/2015||The Timken Company||5,000 retirees|
|12/17/2014||NCR Corporation**||4,500 retirees|
|12/16/2014||TRW Automotive Holdings Corp.||more than 7,000 retirees|
|09/30/2014||Bristol-Myers Squibb||8,000 retirees|
|09/25/2014||Motorola Solutions, Inc.||30,000 retirees|
|07/16/2014||Visteon Corporation*||an unspecified number of “hourly retirees”|
|02/26/2014||Heinz*||the portion of 5,173 active and former employees and retirees who didn’t take a lump sum|
|11/13/2013||SPX Corporation**||16,000 retirees|
|06/01/2012||General Motors Co.*||the portion of 42,000 retirees who didn’t take a lump sum|
*lump sums were offered first
**lump sums were offered to another group of plan participants
Last updated: December 2018< Back