IBM to book $5.9b non-cash charge to transfer its pension liabilities
IBM will book a one-off non-cash pre-tax pension settlement charge of $5.9 billion in its calendar Q3 after handing pension duties to two life insurance businesses.
As per the agreement, IBM and pension plan administrator State Street Advisors Trust Company, said the acquisition of annuities from Metropolitan Life Insurance and Prudential Insurance Company of America will see it shift $16 billion in pension obligations for 100,000 members and their beneficiaries to the insurers.
"Under the group annuity contracts, each Insurer has made an irrevocable commitment, and will be solely responsible, to pay 50 percent of the pension benefits of each Transferred Participant that are due on and after January 1, 2023. Prudential will be the lead administrator.
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