Moog Inc., East Aurora, N.Y., purchased a group annuity contract from Metropolitan Tower Life Insurance Co., transferring $481 million in U.S. pension plan liabilities.
The aerospace and defense company entered into an agreement on Sept. 16 with the insurer to transfer the liabilities of all 3,058 participants who retired before July 1 and their beneficiaries, according to a Sept 14 8-K filing with the SEC.
Those participants in the Moog Inc. Employees' Retirement Plan will begin to receive monthly benefits from Metropolitan Tower on Nov. 1.
As of Sept. 28, 2019, the company's U.S. pension plan assets totaled $1.004 billion, while projected benefit obligations totaled $1.066 billion, for a funding ratio of 94.2%.
Spokeswoman Ann Marie Luhr referred questions to the 8-K filing.