Greif Inc., Delaware, Ohio, purchased a group annuity contract from an insurance company to transfer about $100 million in U.S. pension plan liabilities.
The packaging company completed the transaction during its quarter ended Jan. 31, it disclosed in a 10-Q filing with the SEC on Feb. 26.
The name of the insurer, and the number and nature of the population of retirees whose benefits were transferred were not disclosed in the filing.
As of Oct. 31, U.S. pension plan assets totaled $687 million, while projected benefit obligations totaled $782 million, for a funding ratio of 87.9%, according to Greif's most recent 10-K filing.
Spokesman Matt Eichmann could not be immediately reached for further information.
