United Technologies (UTX) to Reduce Pension Liabilities by Approximately $1.77B
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United Technologies To Reduce Pension Liabilities
October 6, 2016 5:01 PM EDTFARMINGTON, Conn., Oct. 6, 2016 /PRNewswire/ --Â United Technologies Corp. (NYSE: UTX) today announced two related actions that are expected to reduce the overall size of its pension obligations by approximately $1.77 billion.
First, United Technologies will transfer approximately $775 million of its outstanding pension benefit obligations under the UTC Employee Retirement Plan and the UTC Represented Employee Retirement Plan to The Prudential Insurance Company of America (NYSE: PRU). This transaction is expected to close on October 12 with the purchase of a group annuity contract from Prudential. Prudential was... More
