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Companies that have transferred pensions to insurance companies

Source/Author: 
Pension Rights Center

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.

Related:

 

Announcement
Date
Employer Retirees/Employees Affected
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
02/23/2015 Kimberly-Clark 21,000 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 
10/17/2012 Verizon 41,000 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

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