JCPenney Offloads $2.8 Billion in Pension Liabilities
The transfer deal with annuities provider Athene Holdings will ensure that about 30,000 participants in JCPenney's pension plan continue to get benefits.
MassMutual to Buy American Financial Annuity Unit
The $3.5 billion deal came a day after Allstate said it would sell its life insurance business to private-equity giant Blackstone for $2.8 billion.
MetLife Fined $10M Over Annuity Accounting
The SEC says the insurer failed to maintain a sufficient system of internal controls, resulting in an improper release of annuity reserves.
Why Terminating a Pension Plan May Be Unaffordable
Not only is it expensive to buy annuities to fund existing retiree benefits, but financial statement issues also may stymie plan terminations.
MetLife Shares Plunge on Restatement News
The insurer says it underestimated its group annuity reserves because of "a material weakness in internal control over financial reporting.”