Molson Coors Brewing Co., Denver, purchased a group annuity contract from Athene Annuity and Life Co. to transfer about $900 million in pension liabilities, confirmed a spokesman for the company.
Athene will begin making benefit payments as a result of the deal to about 6,000 retirees and beneficiaries in the MillerCoors LLC Pension Plan on May 1, 2018, according to an Athene news release. The nature of the population and the premium that Molson Coors paid were not immediately available.
As of Dec. 31, the MillerCoors LLC Pension Plan had $2.8 billion in assets, according to the Molson Coors subsidiary's most recent Form 5500 filing. The total value of liabilities could not be immediately learned.
The Molson Coors spokesman declined to comment further, and Athene spokeswoman Cyndi Fisher could not provide further information by press time.