TJX Cos., Framingham, Mass., purchased a group annuity contract to transfer $207 million in U.S. pension plan liabilities, the company disclosed in an 8-K filing Tuesday with the SEC.
The purchase took place during the third quarter, the filing said. The name of the insurance company and the number of the retirees and beneficiaries affected were not disclosed.
It is the latest derisking move for the retailer's U.S. pension plan, which in 2016 paid out $103.2 million in lump-sum payments to former employees who accepted an offer provided by the company earlier that year. The pension plan has been closed since Feb. 1, 2006.
As of Dec. 31, the pension plan had $1.417 billion in assets and $1.404 billion in projected benefit obligations, for a funding ratio of 100.9%.
TJX spokeswoman Doreen Thompson declined further comment.
