Pensions
PRT Claims Against AT&T Dismissed, but Those Against State Street May Proceed
A federal judge in Massachusetts ruled that AT&T is off the hook after outsourcing selection of its pension risk transfer provider.
Tag: PRT
Regulation
DOL Backs Bristol-Myers in PRT Appeal
The department joins business groups, insurers and states in warning that litigation threatens the pension risk transfer system.
Regulation
DOL Amicus Brief Sides With Lockheed in PRT Complaint
The department stated that the plaintiffs lack standing and insisted that litigation negatively effects defined benefit plans.
Pensions
Canadian PRT Transaction Volume Down 60% in H1
Plan de-risking deals took a backseat amidst market and trade-driven volatility, according to Sun Life.
Pensions
Huntsman Pension Completes $278 Million Buy-In with M&G
The PRT transaction will cover more than 660 retirees and deferred scheme members.
Pensions
Rising Discount Rates Push Pension Risk Transfer Costs Lower in April
Transferring retiree assets now costs an estimated 101.1% of a plan’s accumulated benefit obligation.
Pensions
Broad PRT Market Growth Continued in 2024
LIMRA reported single-premium pension risk transfer sales hit $51.8 billion last year.
Corporate Moves
Legal & General to Sell 20% Stake in PRT Business to Meiji Yasuda
In addition to the pension risk transfer stake, the Japanese insurer will acquire all of L&G’s U.S. protection business in a total $2.3 billion deal.
Pensions
Clarks Footwear, Pension Insurance Corp. Complete $677M Annuity Buy-In
The pension risk transfer will cover 8,000 beneficiaries and could set the stage for a record-setting year in transaction volume.
Pensions
Wates Group Pension to Transfer 1,500 Members to UK ‘Superfund’
$267 million in assets will move to Clara-Pensions, the company’s third such transaction—but first with an active sponsor.
Pensions
US PRT Market Sees $14B in Volume in Q3
Nearly half of this quarter’s pension risk transfer volume came from IBM’s $6 billion PRT with Prudential, per Legal & General Retirement America.
Pensions
Plan Sponsors Increasingly Seek to Divest All DB Liabilities Amid Corporate Scrutiny
Some 93% of companies with de-risking plans expect to completely divest their defined benefit liabilities, according to a MetLife survey.
Pensions
Rate Cuts Unlikely to Affect PRT Market in Short Term
Funds are more sensitive to long-term rates, upon which the Federal Reserve’s action will have little impact.
Pensions
IBM Secures $6B Pension Risk Transfer With Prudential
The latest deal follows the company closing its defined contribution plan in 2023 in favor of a cash-balance pension plan and an earlier $16 billion PRT.
Pensions
Pension Risk Transfer Market Reaches $26 Billion in Transaction Volume in H1 of 2024
In the U.K. and U.S., large plans are increasingly seeking PRTs.