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Akzo transfers pensions

5:58 AM MST | December 20, 2013

AkzoNobel has announced that it has agreed to transfer pension obligations for current US retirees to MetLife Insurance. The company says the annuity purchase is expected to reduce AkzoNobel’s US pension obligations by 65% of the total US pension plan, or $655 million. AkzoNobel says it has made a $170-million contribution to the plan to maintain its funded status. The annuity purchase will cover around 9,400 US retirees and beneficiaries who retired prior to...

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