The transfer deal with annuities provider Athene Holdings will ensure that about 30,000 participants in JCPenney's pension plan continue to get benefits.
The company has said it cannot make $124 million in contributions it owes in 2020.
The use of defined benefit pension plans continues to decline as sponsors look to de-risk pension strategies.
The company said it reached deals with Prudential and Athene to reduce its obligations for tens of thousands of employees.
The company agreed to pay $1 million to resolve accusations related to its pension risk transfer business.
The deal comes as insurers are buying pension plans at a record rate.
For most penison-plan sponsors, it's as simple as making a scheduled contribution a month early.
By the end of 2017, public companies will have to separate employee service costs from other pension cost components.
If Trump shelves the new fiduciary rule, brokers might seek out deals that pay them best, rather than act in the best interests of sponsors and employees.
Balancing benefits costs and outcomes is critical to enterprise success.
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