Huntington Ingalls Industries Inc., Newport News, Va., purchased group annuity contracts from undisclosed insurance companies to transfer $32 million in U.S. pension plan liabilities.
The aerospace and defense company completed the purchases Sept. 6, according to its 10-Q filing with the SEC on Thursday.
The purchases transfer the responsibility of paying benefits to about 500 retirees and beneficiaries, according to the filing.
The company did not identify which U.S. pension plans, which were all frozen in 2009, were affected by the pension buyout transaction.
As of Dec. 31, the company's pension plan assets, all based in the U.S., totaled $8.46 billion, while projected benefit obligations totaled $8.57 billion, for a funding ratio of 98.7%, according to its most recent 10-K filing.
Spokesman Danny J. Hernandez could not be immediately reached for further information.
