ManpowerGroup Inc., Milwaukee, has purchased a group annuity contract from an insurance company to transfer the remaining $19 million in U.S. qualified pension liabilities.
The transaction, along with lump-sum payments totaling $3 million, completed the termination of the employment agency's U.S. qualified pension plan during the first quarter, the company disclosed in a 10-Q filing May 8.
The name of the insurer was not disclosed.
As of Dec. 31, ManpowerGroup's U.S. pension plan assets totaled $39 million, while projected benefit obligations totaled $53 million, for a funding ratio of 73.6%, according to the company's most recent 10-K filing.
Spokeswoman Emma Almond could not be immediately reached for further information.
