Athene has been transferred approximately $500 million in pension obligations and related assets from Alcoa Corporation.
The transfer involves two subsidiaries of Athene and is intended to complement a prior annuitisation announced last month for certain US pension plans.
That action, which is now complete, included approximately $1 billion of pension obligations and related assets.
As a result, Athene will assume obligations for approximately 2,600 participants later this month.
There will be no benefit changes for those covered by the pension plans.
Alcoa expects to record in the fourth quarter of 2021 a non-cash settlement charge of approximately $285 million related to the December action.
When combined with the prior annuity purchase announced in November, the total charge in the fourth quarter of 2021 is approximately $850 million.
The company’s remaining US defined benefit pension plans are expected to be greater than 95% funded after the transfer is complete.
