AkzoNobel transfers monthly pension payments for U.S. retirees AkzoNobel (AKZOY) announced that it has agreed to transfer its obligations for monthly pension payments for current retirees in the U.S. to MetLife (MET). The annuity purchase is expected to reduce AkzoNobelís U.S. pension obligations by approximately $655M, or 65%, of the total U.S. pension plan. In recognition of the premium payable to MetLife, and in order to maintain its pre-transaction funded status, AkzoNobel has paid a contribution to the pension plan of $170M. The annuity purchase will cover around 9,400 U.S. retirees and beneficiaries who retired prior to October 2013. The payment administration for the pension benefits is expected to transfer to MetLife by the end of Q1 2014. After the lump sum payment and annuity purchase, AkzoNobel said its U.S. pension obligations will have reduced by $835M to approximately $355M.
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