PPG Transfers Obligations for Retiree Pensions; PPG Industries Inc. Is Transferring Pension Obligations for 13,400 Retirees to Two Insurance Companies as the Downtown-Based Paint Producer Looks to Eliminate Its Responsibility for $1.6 Billion in Estimated Future Payouts. [Derived Headline]

By Nixon, Alex | Tribune-Review/Pittsburgh Tribune-Review, June 27, 2016 | Go to article overview

PPG Transfers Obligations for Retiree Pensions; PPG Industries Inc. Is Transferring Pension Obligations for 13,400 Retirees to Two Insurance Companies as the Downtown-Based Paint Producer Looks to Eliminate Its Responsibility for $1.6 Billion in Estimated Future Payouts. [Derived Headline]


Nixon, Alex, Tribune-Review/Pittsburgh Tribune-Review


PPG Industries Inc. is transferring pension obligations for 13,400 retirees to two insurance companies as the Downtown-based paint producer looks to eliminate its responsibility for $1.6 billion in estimated future payouts.

The company said Massachusetts Mutual Life Insurance Co. and Metropolitan Life Insurance Co. agreed to take over pension benefit payments for PPG's nonunion retirees. Union retirees will remain in PPG's pension plan, the company said.

Under the agreement, which is known as a pension risk transfer, PPG will contribute $175 million to fully fund pensions for nonunion retirees and record $500 million to $600 million in after-tax charges to cover the cost of purchasing annuity contracts from Mass Mutual and Met Life.

"The agreement will transfer the payment administration and obligations to these high-rated insurance companies with a long history of efficiently providing group annuity benefits," PPG said in a written statement.

The transfer won't affect PPG retirees' pension payments or reduce the value of their benefits, company spokesman Mark Silvey wrote in an email. …

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PPG Transfers Obligations for Retiree Pensions; PPG Industries Inc. Is Transferring Pension Obligations for 13,400 Retirees to Two Insurance Companies as the Downtown-Based Paint Producer Looks to Eliminate Its Responsibility for $1.6 Billion in Estimated Future Payouts. [Derived Headline]
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