Edition:
India

MillerCoors Purchases Group Annuity Contract to Secure Pension Benefits


Saturday, 2 Dec 2017 

Dec 1 (Reuters) - Molson Coors Brewing Co :MOLSON COORS BREWING CO - CO' UNIT MILLERCOORS LLC, CLOSED ON AN AGREEMENT TO PURCHASE A GROUP ANNUITY CONTRACT FROM ATHENE ANNUITY AND LIFE COMPANY.MOLSON COORS BREWING - STARTING MAY 1, 2018, ATHENE WILL BEGIN MAKING BENEFIT PAYMENTS TO PLAN PARTICIPANTS ALONG WITH PROVIDING ADMINISTRATIVE SERVICES.MOLSON COORS BREWING CO - BY TRANSFERRING PENSION OBLIGATIONS TO ATHENE, MILLERCOORS WILL REDUCE PENSION PROJECTED BENEFIT OBLIGATION BY OVER $900 MILLION.MOLSON COORS BREWING CO - UNDER DEAL PLAN PARTICIPANTS WILL RECEIVE SAME MONTHLY BENEFIT THEY WERE PREVIOUSLY RECEIVING FROM PLAN.MOLSON COORS BREWING-UNDER AGREEMENT, ATHENE WILL ASSUME FROM MILLERCOORS PENSION PLAN OBLIGATIONS TO PAY FUTURE PENSION BENEFITS.