Move is expected to reduce liabilities by 30%, and participants and beneficiaries by 50%.
Transaction is largest risk transfer in US since Verizon/Prudential deal.
Dividend payments are a result of a 16.2% return for the state’s core fund.
Deal is largest of its kind for Aviva.
Report finds less than half of Baby Boomers and GenXers have any retirement savings.
Non-qualified sales buoyed variable annuity market, IRI reports.
Sharp decline continues two years after new rules allow withdrawals without annuities.
Move will reduce the company’s pension obligation by $220 million.