FEDERAL HOME LOAN BANK OF DES MOINES FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Financial Statements and Exhibits

Edgar Glimpses

Item 1.01 Entry into a Material Definitive Agreement.

On April 28, 2023, Federal Home Loan Bank of Des Moines (the "Bank") entered
into a purchase agreement (the "Purchase Agreement") with Principal Life
Insurance Company (the "Insurer"). Under the Purchase Agreement, the Bank
purchased a non-participating single premium group annuity contract (the
"Annuity Contract") and transferred to the Insurer the future benefit
obligations and annuity administration for approximately 540 participants
("Participants") under the Pentegra Defined Benefit Pension Plan for Financial
Institutions (the "Plan").

Upon payment of the premium to the Insurer under the Purchase Agreement (the
"Transaction"), the Plan is no longer responsible for the payment of pension
benefit obligations to the Participants and the Insurer has assumed
responsibility for making such payments. The purchase of the Annuity Contract
was funded directly by assets of the Plan. The Bank did not incur any expenses
or use any Bank assets in connection with the Transaction. Benefits payable to
the Participants are not being reduced as a result of the Transaction.

The purchase of the Annuity Contract was completed on May 2, 2023. Subject to
certain conditions set forth in the Purchase Agreement, all Participants will
continue to receive their benefits from the Plan until May 31, 2023, after which
time the Insurer will assume responsibility for making direct payment of
benefits to the Participants and for administrative and customer service support
regarding such benefits.

Item 1.02. Termination of a Material Definitive Agreement

Following the transactions described in Item 1.01 above, the Bank is no longer a
party to the Plan. The disclosure from Item 1.01 above is incorporated into this
Item by reference.

Item 9.01 Financial Statements and Exhibits.