General Dynamics Corp., Falls Church, Va., purchased a group annuity contract from an insurance company to transfer about $550 million in U.S. pension plan liabilities.
The purchase from the undisclosed insurer was completed in October and transferred the benefit-paying responsibilities for about 21,000 retirees and beneficiaries, according to the company's 10-K filing with the SEC on Wednesday.
The transfer was completed using pension plan assets, according to the filing.
