Sun Life, Rayonier Advanced Materials in $221 Million Pension Deal
November 21 2019 - 1:15PM
Dow Jones News
By Colin Kellaher
Sun Life Financial Inc. (SLF.T, SLF) on Thursday said it will
assume part of Rayonier Advanced Materials Inc.'s (RYAM) Canadian
defined-benefit pension obligations in an annuity buyout
transaction valued at 293 million Canadian dollars ($221
million).
The Toronto financial-services company said it will begin
administering pension benefits for nearly 1,500 Ontario and Quebec
pensioners and beneficiaries early next year.
An annuity buyout is a group annuity policy that transfers the
risks for a group of members from an employer's balance sheet to an
insurer's balance sheet in exchange for a premium.
Specific financial terms of the deal weren't immediately
available. A spokesman for Rayonier, a Jacksonville, Fla., producer
of cellulose specialties, didn't immediately return a phone call
seeking comment.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 21, 2019 14:00 ET (19:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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