Graham Holdings Co., Arlington, Va., purchased a group annuity contract in the fourth quarter from an undisclosed insurance company to transfer the pension plan liabilities of a group of retirees.
The company recorded a settlement gain of $91.7 million for the quarter, the company disclosed in an 8-K filing Wednesday with the SEC.
Graham Holdings did not provide further information on the assets and liabilities transferred, or when the insurance company took on benefit payments.
The company in the fourth quarters of 2018 and 2016 had offered lump sums to former employees who were vested in the pension plans but who had yet to retire. Graham Holdings recorded settlement gains of $26.9 million and $18 million, respectively, according to the company's latest 10-K filing with the SEC, issued Tuesday.
As of Dec. 31, pension plan assets totaled $2.12 billion while projected benefit obligations totaled $1.117 billion, for a funding ratio of 189.8%, according to the 10-K filing.
Spokeswoman Pinkie Dent Mayfield could not be immediately reached to provide further information.
