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Athene subsidiaries to service $1.7B pension buyout agreement for GE


Athene subsidiaries to service $1.7B pension buyout agreement for GE
BY BUSINESS RECORD STAFF
Tuesday, December 15, 2020 2:27 PM
Retirement services company Athene Holding Ltd. announced a significant pension buyout agreement with General Electric. The Boston-based technology giant will transfer about $1.7 billion in pension obligations to Athene. Under the terms of the transaction, Athene s Iowa-domiciled life insurance subsidiary, Athene Annuity and Life Co., and Athene s New York-domiciled life insurance subsidiary, Athene Annuity & Life Assurance Company of New York, have agreed to provide annuity benefits for approximately 70,000 retirees who are currently receiving benefits from GE s pension plan. We are pleased to serve as a trusted partner to GE in helping reduce the company s pension risk through this transaction, said Kim Rosenberg, head of pension risk transfer at Athene. The company has become a leader within the pension ri ....

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insurance to folks who need coverage. here is the twist. the government would supervise this new system. it is important to note now, some details are still very vague, and probably by design, at least at this point, so how much closer is congress to getting a bill on the president s desk? jim angle, our chief washington correspondent is there with some answers. well, senator harry reid believes that this issue should be passed by christmas. moderates were insisting there be no government-run plan for the uninsured so private plans will be involved. senator majority leader reid won t disclose the details until he gets an estimate of the cost from the congressional budget office. listen. as i ve indicated, we can t disclose the details of what we have done, but believe me, we have something that is good and i think is very good and moves this bill way down the road. they were considering an expansion of medicare allowing uninsured people as young as 55 to buy into ....

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