Timken Company to Purchase Group Annuity from The Prudential Insurance Company of America for Retiree Pension Benefits
The annuity purchase will have no impact on the monthly pension benefits Timken retirees and surviving beneficiaries receive today. The group annuity contract includes an irrevocable commitment by Prudential to make annuity payments to affected retirees covered under the contract. Timken is notifying by mail those individuals who are affected by the forthcoming change.
Timken has always been committed to meet its pension obligations responsibly and with care. Over the past decade, the company has contributed nearly $2Ā billion to its global pension plans, and its U.S. plans are now fully funded. This stewardship allows the company to take advantage of the favorable funded status in an effort to reduce risk and protect participant pension benefits going forward.
When finalized, this annuity purchase will reduce
About Prudential
Prudential Retirement delivers retirement plan solutions for public, private and non-profit organizations. Prudential Retirement is a business unit of
About
Certain statements in this release (including statements regarding the company's estimates and expectations) that are not historical in nature are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, the statements regarding the expected timing, completion and effects of the closing of the purchase of the group annuity contract from
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