Newmont Corp., Denver, purchased a group annuity contract from an insurance company to transfer $527 million in U.S. pension plan obligations.
The gold mining company completed the transaction transferring the liabilities of one if its U.S. qualified pension plans in March, according to its 10-Q filing with the Securities and Exchange Commission Friday. The name of the insurer was not disclosed.
Following the transfer, the affected pension plan had $302 million in assets and $348 million in projected benefit obligations, according to the filing. The filing did not name the plan.
Newmont's most recent 10-K filing with the SEC said the company's U.S. and Canadian pension plans had total assets of $1.014 billion, and their total PBO was $1.04 billion, for a funding ratio of 97.5%.
Company spokeswoman Courtney Boone could not be immediately reached for further information.
