Photo: AP

Chemtura Corporation has become the latest company to follow the trend — transferring its pension liabilities to a third party.

Chemtura reached an agreement with Voya Retirement Insurance and Annuity Company to provide pension payments to approximately 5,000 retirees and beneficiaries currently covered under the Chemtura Corporation Retirement Plan. The transaction, known as a pension risk transfer arrangement, will shift the responsibility for Chemtura’s pension obligations over to Voya. In exchange for Voya taking on its financial obligation, Chemtura will purchase a group annuity contract representing approximately $350 million in premiums to be paid to Voya.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.