General Electric Co., Boston, announced it has transferred $1.7 billion of its U.S. GE Pension Plan obligations to retirement services firm Athene Holding through an annuity.
As part of the transfer, Athene will provide payments to roughly 70,000 plan participants receiving less than $360 per month through one of the firm's subsidiaries, a news release said.
The pension risk transfer will not change the amount of the monthly payments being made to participants and will not affect the plan's funded status.
This transaction follows GE announcement earlier this month that it had voluntarily prefunded $2.5 billion of estimated minimum ERISA GE Pension Plan funding requirements for 2021, 2022 and into 2023.
Spokeswoman Mary Kate Mullaney could not be immediately reached.