Diocese of Palm Beach, Palm Beach Gardens, Fla., purchased a group annuity contract from Legal & General America to transfer about $65 million of the liabilities of one of its pension plans.
The diocese purchased the annuity affecting participants in the Pension Plan for Lay Employees and Sisters and Brothers Within the Diocese of Palm Beach, said Bill Tremko, president and CEO, USI Consulting Group, which assisted with the transaction.
The transfer of liabilities was effective on April 1. It is the second contract in the U.S. for Legal & General America, which took on part in a buyout at Philips Electronics North America Corp., New York, in October.
Asset information on the pension plan could not be learned by press time; Dennis Hamel, the diocese’s chief financial officer, was not available to provide further information.
