Kimberly-Clark Corp. will pour up to $475 million to its U.S. pension plan to purchase annuity contracts for about 21,000 retirees.
The Dallas-based company's pension transfer is being done with the Prudential Insurance Co. of America and Massachusetts Mutual Life Insurance Co. The insurers will take over payment responsibility for the retirement pension benefits Kimberly-Clark owes to the retirees.
While retirees will receive the same total benefit that they were receiving from Kimberly-Clark, half will come from Prudential and half from MassMutual.
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