Boise Cascade Co., Boise, Idaho, purchased its third group annuity contract from Prudential Insurance Co. of America to transfer $20 million in U.S. pension plan assets.
The transaction, completed Sept. 30, represents about 10% of the lumber manufacturer and distributor's U.S. pension plan liabilities, according to the company's 8-K filing Thursday with the SEC.
It is the company's third pension plan buyout transaction with Prudential in the last two years.
Boise Cascade in April 2018 transferred $152 million in U.S. pension plan assets to Prudential, and transferred an additional $125 million to the insurance company in August 2018.
Wayne Rancourt, executive vice president, chief financial officer and treasurer, said in an August 2018 interview that the first buyout transaction covered retirees and beneficiaries with smaller monthly benefit amounts, while the second transaction covered about 420 retirees and beneficiaries with larger monthly benefits.