Centrus Energy Corp., Bethesda, Md., purchased a group annuity contract to transfer about $187 million in U.S. pension plan liabilities.
The transaction with the undisclosed insurance company was completed Oct. 12, according to the mining company's 8-K filing with the SEC on Feb. 8.
The filing said the transaction was funded directly by $171 million in assets, and the insurance company took on the responsibility of paying benefits to about 1,400 beneficiaries of participants, effective Dec. 1.
It is the second known pension buyout transaction by the company in the past several years. In the fourth quarter of 2020, the company transferred about $30 million in pension plan liabilities to an undisclosed insurer.
As of Dec. 31, 2022, the company's pension plan assets — all in the U.S. — totaled $483 million, while projected benefit obligations totaled $527 million, for a funding ratio of 91.7%, according to the company's most recent 10-K filing with the SEC.
Spokesperson Lindsey Geisler could not be immediately reached for further information.
