E.W. Scripps Purchases Group Annuity Contract To Reduce Pension Obligations By $50 Million
The transaction will transfer responsibility for the pension benefits to MassMutual for approximately 2,000 Scripps retirees and beneficiaries. MassMutual will begin making benefit payments to the affected plan participants on
Through the transaction, Scripps will reduce its pension plan liabilities by approximately
The transaction is expected to close on
Scripps expects to recognize a one-time non-cash pension settlement charge of between
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About MassMutual
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. For more information, visit www.massmutual.com.
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