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IBM buys group annuity contracts to offload $16 billion in pension liabilities


International Business Machines Corp. purchased group annuity contracts to transfer a total of $16 billion in U.S. defined benefit plan liabilities in the largest U.S. pension plan buyout transaction in a decade and the second largest in U.S. history, reports Pension & Investments. Armonk, New York-based IBM is purchasing contracts from Prudential Insurance Co. of America and Metropolitan Life Insurance Co. that will transfer the benefit-paying responsibility for about 100,000 retirees and beneficiaries covered by the IBM Personal Pension Plan.

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