MillerCoors is transferring over $900 million in pension obligations to Athene Annuity & Life Co., an Iowa-domiciled life insurance company. Starting May 1, 2018, Athene will begin making benefit payments to the affected individuals along with providing ongoing administrative services. Retirees and beneficiaries will receive the same monthly benefit they were previously receiving from the Plan.
This is Athene’s fourth pension risk transfer deal in 2017. Athene now has written over $2.25 billion of business in this channel serving over 46,000 retirees and beneficiaries.