DTE Energy Co., Detroit, purchased a group annuity contract from an insurance company to transfer certain U.S. pension plan liabilities.
The December transaction settles about $60 million in pension liabilities from a DTE Energy non-regulated qualified pension plan, according to the company's 10-K filing with the SEC.
DTE Energy did not disclose the name of the insurer or the nature of the population of participants whose liabilities were transferred. DTE Energy officials could not be immediately reached for further information.
As of Dec. 31, DTE Energy's pension plan assets totaled $5.497 billion, while projected benefit obligations totaled $6.304 billion, for a funding ratio of 87.2%.
