NCR Corp., the maker of point-of-sale technologies and ATM machines, will transfer about $160 million in pension liabilities after purchasing a single-premium group annuity contract from The Principal Life Insurance Co., according to a filing with the SEC.
The contract affects 4,500 former NCR employees who began drawing benefits from the company plan before Jan. 1, 1994.
The move is in line with the Georgia-based company's pension transformation strategy, according to a statement from John Boudreau, NCR's treasurer.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
