United States Steel Corp., Pittsburgh, purchased a group annuity contract from Pacific Life Insurance Co. to transfer about $115 million in U.S. pension plan liabilities.
The purchase, which was completed Nov. 1, transferred the responsibility of paying benefits for about 850 U.S. retirees and beneficiaries to the insurer, the company disclosed in a 10-K filing with the SEC on Friday.
It was the second pension buyout transaction for the steelmaker in the past two years. In November 2021, U.S. Steel purchased group annuity contracts from Banner Life Insurance Co. and William Penn Life Insurance Co. of New York to transfer a total of about $284 million in U.S. pension liabilities.