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Source: LIMRA International Last December, General Electric transferred roughly $1.7 billion in pension obligations to Athene, involving 70,000 retirees. In January, Lockheed Martin announced plans to shed roughly $1.9 billion in liabilities after MetLife assumed payments for some 20,000 retirees and current employees. The previous year, the aerospace and defense giant moved $2.6 billion in pension liabilities, covering 41,000 workers, to Prudential Insurance and Athene. Over the past six years, 10 more insurers have gotten into PRTs, for a total of 18. With added competition, the insurance companies have undertaken increasingly sophisticated methods, such as introducing reinsurance. Why Some Sponsors Do It Plan sponsors that undertake a PRT often characterize the offloading as a wise removal of a liability that can be a drain on company resources especially if another economic downturn blasts the pension programs’ portfolios, in an unwelcome reprise of 2008. That unpleasantn

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