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Pension Funds

BWX Technologies purchases group annuity for $240 million in liabilities

BWX Technologies Inc., Lynchburg, Va., purchased a group annuity contract from an insurance company to transfer about $240 million in U.S. pension plan liabilities, the company disclosed in a 10-Q filing on Monday.

The purchase, which was completed in July, transfers the liabilities of about 1,300 retirees, the filing said. The company did not identify the insurance company.

It is the second group annuity purchase for the company, which completed a transaction in October 2017 to transfer $113.6 million in U.S. pension plan liabilities. At that time, an unidentified insurance company took on the responsibility of paying the benefits of about 2,300 retirees.

As of Dec. 31, BWX's pension plan assets totaled $1.258 billion, while projected benefit obligations totaled $1.543 billion, for a funding ratio of 81.5%, according to the company's most recent 10-K filing. The company has both U.S. and Canada pension plans and did not separate assets by region.

Company spokesman Jud Simmons could not be reached immediately to provide further information.