Material Agreement – Form 8-K

On October 31, 2023, Tredegar Corporation (the "Company") entered into a commitment agreement (the "Commitment Agreement") with Massachusetts Mutual Life Insurance Company (the "Insurer") pursuant to which the Company purchased a nonparticipating single premium group annuity contract for approximately $157.5 million, which transferred all of the Company's liabilities associated with the benefits arising under the Tredegar Corporation Retirement Income Plan (the "Plan") to the Insurer. The purchase of the nonparticipating single premium group annuity contract was funded directly by the assets of the Plan plus an approximately $27.7 million contribution from the Company to fully fund the Plan. The purchase resulted in the transfer of administrative and benefit-paying responsibilities for 2,782 U.S. retirees and beneficiaries, terminated vested and active participants to the Insurer. The Insurer will begin paying benefits for certain retirees and beneficiaries in the Plan on January 1, 2024. There will be no change to the pension benefits for any retirees and beneficiaries as a result of the transaction.

On November 3, 2023, the Plan termination and settlement process for the Company was completed and the relevant Plan obligation was transferred to the Insurer. The Company expects to recognize a non-cashpension settlement charge of approximately $69 million, subject to finalization of actuarial assumptions and other applicable adjustments in the fourth quarter of 2023.

The foregoing description of the Commitment Agreement is not complete and is qualified in its entirety by reference to the entire Commitment Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Attachments

• Original Link
• Original Document
• Permalink

Disclaimer

Tredegar Corporation published this content on 06 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2023 22:18:13 UTC.