3M Transfers $2.5 Billion in Pension Obligations to Met Tower Life Insurance

MT Newswires Live06-13

3M (MMM) said Thursday that it purchased a group annuity contract to transfer about $2.5 billion of its US pension obligations for around 23,000 retirees and beneficiaries to MetLife's (MET) Metropolitan Tower Life Insurance.

The company said this affects about 60% of the 3M Employee Retirement Income Plan retiree participants but won't change their monthly benefits nor impact current employees.

The transaction requires no additional funding and will result in a non-cash pre-tax pension settlement charge of $800 million to $900 million in Q2 but will not impact its Q2 and full year adjusted net income, according to 3M.

Met Tower Life is expected to begin paying the retirement benefits Oct. 1, 3M said.

Price: 101.70, Change: +0.49, Percent Change: +0.48

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