New York Times Co., New York, entered into an agreement with Massachusetts Mutual Life Insurance Co. to purchase a group annuity contract to transfer about $235 million in U.S. pension plan liabilities.
The contract will transfer the benefit payment responsibilities for about 1,850 retirees and beneficiaries in the New York Times Cos. Pension Plan to MassMutual, according to an 8-K filing Tuesday with the SEC.
The transaction, which the company expects to finalize in early 2021, will be funded through existing pension plan assets, according to the filing.
It is the second pension buyout transaction with MassMutual that New York Times has made in the past several years. In 2017, the company announced it was purchasing two contracts from MassMutual to transfer a total of $225 million in liabilities from two of its U.S. pension plans.