Brink’s Co., Richmond, Va., purchased a group annuity contract to transfer $54 million in U.S. pension plan liabilities.
Brink’s buys annuity to transfer $54 million in liabilities
The deal, funded with $53 million in plan assets, closed on Oct. 8, according to the company's 10-Q filing Wednesday with the SEC. The name of the insurance company offering the annuity was not disclosed.
The transfer affects 2,634 participants in the company's primary U.S. pension plan, according to the filing. The insurance company will assume benefit payments on Jan. 1, leaving about 11,400 participants in the plan.
As of Dec. 31, U.S. pension plan assets totaled $687 million, while projected benefit obligations totaled $802 million, for a funding ratio of 85.7%.
Brink’s officials could not be immediately reached to provide further information.