Arconic Corp., Pittsburgh, purchased a group annuity contract from an insurance company to transfer about $245 million in U.S. defined benefit plan assets.
The transaction, completed in December, transferred about $240 million in liabilities and represented the retirement benefits of about 7,000 participants in two U.S. defined benefit plans, the company disclosed in a 10-K filing with the SEC on Tuesday.
The name of the insurer was not disclosed.
It was the second pension risk transfer transaction for the company in 2020. In the second quarter, the company purchased a group annuity contract from an undisclosed insurer to transfer about $250 million in U.K. pension plan liabilities.
Arconic Corp. was formed April 1 as a result of the separation of Arconic Inc. into two companies. The other company is Howmet Aerospace Inc.