JCPenney Transfers $2 8 Billion in Pension Obligations to Athene swfinstitute.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from swfinstitute.org Daily Mail and Mail on Sunday newspapers.
Athene Completes Significant Pension Risk Transfer Transaction with JCPenney
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HAMILTON, Bermuda, April 1, 2021 /PRNewswire/ Athene Holding Ltd. ( Athene ) (NYSE: ATH), a leading financial services company specializing in retirement services, announced the close of a significant pension risk transfer transaction in connection with JCPenney s
1 pension plan termination. Under the terms of the transaction, which was signed in March 2021, JCPenney transferred $2.8 billion in pension obligations to Athene. Athene s wholly-owned subsidiaries, Athene Annuity and Life Company ( AAIA ), and Athene Annuity & Life Assurance Company of New York ( AANY ), have agreed to provide annuity benefits for approximately 30,000 participants of JCPenney s pension plan who are currently receiving benefits, or will receive benefits in the future.