Principal Financial and a subsidiary of MetLife have agreed to accept the transfer of $1.2 billion in pension plan obligations from Philips North America.
The plan includes approximately 11,000 retirees, beneficiaries and deferred participants. MetLife will act as the lead administrator for the monthly benefits for approximately 9,000 retirees. Principal will have financial responsibility for a portion of these monthly benefits and will settle such obligations directly with MetLife. Principal will have sole responsibility for the approximately 2,000 deferred participants.
The transaction will not change the amount of monthly pension benefits received by plan participants, who will continue to receive a single payment each month, Principal said in a release.
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