WestRock signs $2.5 billion pension risk transfer agreement with Prudential
On September 8, 2016, The Prudential Insurance Company of America completed a pension risk transfer agreement with the WestRock Company, a provider of paper and packaging solutions in consumer and corrugated markets.
Under the terms of the agreement, WestRock will transfer $2.5 billion in pension liabilities to Prudential, reducing its overall U.S. pension obligations by 40 percent. The transfer will cover approximately 35,000 retirees and their beneficiaries.
"We are pleased WestRock chose Prudential to help deliver on its pension promises to their retirees," says Peggy McDonald, senior vice president in Prudential Retirement’s Investments and Pension Solutions business. "Our insurance, pension, actuarial expertise, investment capabilities and financial strength uniquely position us to execute large transactions such as this one."