Eastman Chemical Co., Kingsport, Tenn., purchased a group annuity contract from an insurance company to transfer about $110 million in U.S. pension plan liabilities.
The transaction was completed during the fourth quarter, the company disclosed in a 10-K filing with the SEC on Monday. The name of the insurer and the nature of the population of participants whose liabilities were transferred was not provided.
As of Dec. 31, Eastman Chemical's U.S. pension plan assets totaled $1.798 billion, while projected benefit obligations totaled $2.05 billion, for a funding ratio of 87.7%.
Spokeswoman Betty Payne could not be immediately reached for further information.
