Centrus Energy Corp., Bethesda, Md., purchased a group annuity contract to transfer about $30 million in pension plan asset and liabilities.
The transaction was completed in the fourth quarter, according to the mining company's 8-K filing Thursday with the SEC. The filing did not disclose the name of the insurer or the population whose benefits were transferred to the insurer.
The transaction was "part of the company's efforts to reduce the size and volatility of its pension obligations and administrative costs moving forward," the filing said.
As of Dec. 31, 2019, pension plan assets totaled $621 million, while projected benefit obligations totaled $764 million, for a funding ratio of 81.3%, according to the company's most recent 10-K filing.
Centrus Energy spokeswoman Lindsey Geisler could not be immediately reached for further information.
