Following a continuing trend to de-risk from pension liabilities, Denver-based Molson Coors Brewing Co. has purchased a group annuity contract from Athene Annuity and Life Co. that will transfer about $900 million in pension liabilities away from the brewer.
As of December 31, the MillerCoors LLC Pension Plan had $2.8 billion in assets, according to the Molson Coors subsidiary’s most recent Form 5500 filing.
Under the agreement, Athene will issue a group annuity contract to MillerCoors and individual annuity certificates to applicable retirees and beneficiaries. AAIA will have direct payment responsibility for all the liabilities covered in this transaction.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
