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.
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