Retirement services company Athene has announced a $1.7 billion pension buyout agreement with US multinational conglomerate General Electric.
The transaction will see Athene, via its Iowa and New York-based life insurance subsidiaries, provide annuity benefits for approximately 70,000 retirees who are currently receiving benefits from GE’s pension plan.
“We are pleased to serve as a trusted partner to GE in helping reduce the company’s pension risk through this transaction,” said Kim Rosenberg, SVP Head of Pension Risk Transfer at Athene.
“Athene deeply values the relationships it has with its customers and has a strong commitment to service excellence.
“Retirees covered by this transaction can be confident they receive the same pension benefit, on the same schedule, as what they currently receive.”
“As a leader in pension risk transfers, Athene is able to provide plan sponsors with customized solutions to achieve their desired pension risk and financial objectives while ensuring the financial security of their plan participants,” said Bill Wheeler, President of Athene.
“Our differentiated investment, actuarial, risk-management, and operational capabilities, combined with our strong balance sheet, position us well to serve the multi-trillion dollar defined benefit marketplace.”
