Hess Corp., New York, has purchased a group annuity contract from an insurance company to transfer U.S. pension plan assets.
The oil and gas refining company paid a $250 million premium for the contract to transfer assets from the Hess Corp. Employees' Pension Plan, it disclosed Thursday in a 10-Q filing with the SEC.
The company did not disclose from which insurance company it purchased the contract, nor the amounts of assets and liabilities that were transferred.
As of Dec. 31, the Hess Corp. Employees' Pension Plan had $1.9 billion in assets, according to the company's most recent Form 5500 filing. Hess Corp.'s total pension plan assets were $2.568 billion, while projected benefit obligations totaled $2.492 billion, for a funding ratio of 103%, according to the company's most recent 10-K filing.
Hess Corp. officials could not be immediately reached to provide further information.