J.C. Penney transfers $2.8 billion in pension liabilities Bloomberg J.C. Penney Corp. Inc. has purchased a group annuity contract from Athene Holding Ltd. to transfer about $2.8 billion in pension liabilities to complete the plan termination. A news release Thursday from Athene said two of its subsidiaries, Athene Annuity and Life Co. and Athene Annuity & Life Assurance Co. of New York, will take on the responsibility of paying benefits to about 30,000 participants in J.C. Penney's pension plan. The transaction, signed in March, completes the termination of the plan. In October, the company announced it was seeking court approval of a proposal to sell its operating assets to a joint venture led by Brookfield Asset Management and Simon Property Group that did not agree to assume the pension plan.