S&P Global Inc., New York, purchased a group annuity from Pacific Life Insurance Co. to transfer about $370 million in U.S. pension plan liabilities, spokesman Jason Feuchtwanger said in an email.
The transaction closed during the first quarter, according to the May 3 filing, transferring the pension benefits of about 4,600 retirees and beneficiaries. "We are among a growing group of companies that are derisking their pension obligations by purchasing a group annuity," Mr. Feuchtwanger said. The company is not disclosing further information regarding the population of retirees and beneficiaries, he added.
S&P Global's pension plan assets totaled $1.99 billion, while projected benefit obligations totaled $2.08 billion, for a funding ratio of 95.7%, according to the company's most recent 10-K filing.