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Principal and MetLife sign $1.2B pension risk transfer deal with Philips
Wednesday, February 24, 2021 11:02 AM
Principal Financial Group and Metropolitan Tower Life Insurance Co., a subsidiary of MetLife Inc., announced they have entered into an agreement with health technology company Philips North America LLC to transfer approximately $1.2 billion of Philips North America Pension Plan obligations to Principal and MetLife. The agreement, which was signed in the fourth quarter of 2020, provides guaranteed retirement income for about 11,000 retirees, beneficiaries and deferred participants in the pension plan. MetLife will act as the lead administrator for the monthly benefits for about 9,000 retirees and their beneficiaries; Des Moines-based Principal will have financial responsibility for a portion of those monthly benefits and will settle such obligations directly with MetLife. Principal will have sole responsibility for the roughly 2,000 d ....

Metlife Inc , Tower Life Insurance Co , Philips North America , Principal Financial Group , Philips North America Pension Plan , Des Moines Based Principal , மேட்டிலிபே இன்க் , கோபுரம் வாழ்க்கை காப்பீடு இணை , பிலிப்ஸ் வடக்கு அமெரிக்கா , ப்ரிந்ஸிபல் நிதி குழு , பிலிப்ஸ் வடக்கு அமெரிக்கா ஓய்வூதியம் திட்டம் , தேஸ் மாய்ந்ஸ் அடிப்படையிலானது ப்ரிந்ஸிபல் ,