Stelco Inc., Hamilton, Ontario, completed a pension buy-in transaction with group annuity contract purchases from Brookfield Annuity Co. and Sun Life Assurance Co. of Canada to insure a total of C$1.33 billion ($1 billion) in defined benefit plan liabilities.
The transaction, completed on May 31 by Plan Administrator LifeWorks, insures the benefits of 7,114 participants, a news release from LifeWorks said Friday.
The population includes retirees and beneficiaries, deferred vested and active/transferred participants in the Stelco Inc. Retirement Plan for USW Local 1005 Members at Hamilton Works, according to the news release.
The total asset size of the DB plan was not provided.
LifeWorks spokeswoman Heather MacDonald and Stelco spokesman Trevor Harris could not be immediately reached for further information.
