Massachusetts Mutual Life Insurance has signed a pension transfer agreement to provide group annuities to nearly 11,000 PPG retirees that will reduce PPG's pension obligations.
The agreement is part of a larger pension transfer that PPG has undertaken for a total of 13,400 current retirees covered under plans for either salaried or non-union hourly workers, or their survivors.
For the 11,000 salaried plan retirees, MassMutual and Metropolitan Life Insurance Co. (MetLife) are each providing 50 percent of the monthly benefits. MassMutual will administer the entire benefit payable to each salaried plan retiree.
MetLife will pay its portion of the benefits through an administration agreement with MassMutual. MassMutual will begin making payments to these retirees beginning on Sept. 1, 2016.
"We look forward to serving PPG’s retirees, who can be assured that their pensions are secure with MassMutual, a mutual insurer that puts the interests of our policyholders first," said Keith McDonagh, Senior Vice President and head of MassMutual’s Institutional Solutions businesses.
"MassMutual has been providing for and protecting the retirements of Americans for more than 65 years. Today, we serve the retirement plan needs of approximately three million defined benefit and defined contribution plan participants."
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners.
MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits.