Avery Dennison Corporation, a global materials science company specializing in the design and manufacture of a wide variety of labeling and functional materials, has signed an agreement transferring approximately $750 million of pension obligations to American General Life Insurance Company, part of AIG's life and retirement business.
The agreement covers approximately 8,500 retirees, beneficiaries, and deferred and active members.
“We are pleased Avery Dennison selected AIG to manage the retirement security of its retirees, and we are committed to providing them with a smooth transition,” said Ali Vaseghi, chief operating officer for institutional markets and leader of the pension risk transfer business at AIG. “AIG established its pension risk transfer business over 35 years ago and serves as a trusted partner to plan sponsors as they navigate the complex plan termination process.”
Through the pension risk transfer market, companies can purchase a group annuity contract to transfer some or all of their retirement liabilities to a life insurance company.
Learn more: www.aig.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].