MassMutual, Prudential team up on transfer of approximately $2.5 billion pension obligation for 21,000 Kimberly-Clark retirees in the U.S.
ENFIELD, Conn. – Massachusetts Mutual Life Insurance Co. (MassMutual) has signed a pension transfer agreement to provide annuity payments to 21,000 of Kimberly-Clark’s retirees and reduce the firm’s pension obligations.
MassMutual is teaming up with The Prudential Insurance Company of America (Prudential) on the transfer of approximately $2.5 billion in pension obligations, with each life insurer issuing annuities that will provide 50 percent of the total monthly benefits received by Kimberly-Clark retirees. Prudential will administer the annuity payments distributed to each retiree. The payments to retirees begin on June 1, 2015.
“We want to assure Kimberly-Clark’s retirees that their pensions are in secure hands with MassMutual and that they can count on us to meet all of our obligations,” said Jennifer Orzell, Vice President and Actuary, who heads MassMutual’s Pension Buyout business. “MassMutual has been securing the retirements of Americans for over 65 years. As a mutual insurer, we put the interests of our policyholders first and foremost.”
Massachusetts Mutual Life Insurance Co. is rated A++ by A.M. Best (Superior, top category of 15) and AA+ by Standard & Poor’s (Very Strong, second category of 21), AA+ by Fitch Ratings (Very Strong, second category of 21), and Aa2 by Moody’s Investors Service (Excellent, third category of 21).*
MassMutual provides retirement plans for 2.8 million Americans and has $146 billion in retirement assets under management as of Sept. 30, 2014, including both defined benefit and defined contribution retirement plans.
For more information about MassMutual’s Retirement Services Division, please contact your financial professional or call MassMutual at 1-800-874-2502, option 4.
* Financial ratings are as of Feb. 1, 2015 and are subject to change.
Kimberly-Clark (NYSE: KMB) and its well-known global brands are an indispensable part of life for people in more than 175 countries. Every day, nearly a quarter of the world’s population trust K-C’s brands and the solutions they provide to enhance their health, hygiene and well-being. With brands such as Kleenex, Scott, Huggies, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or No. 2 share positions in more than 80 countries. To keep up with the latest K-C news and to learn more about the Company’s 143-year history of innovation, visit www.kimberly-clark.com or follow us on Facebook or Twitter.
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Prudential Retirement is a business unit of The Prudential Insurance Company of America (PICA), Newark, NJ, and Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, both of which are Prudential Financial companies. Services include defined contribution, defined benefit and nonqualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions, and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.0 million participants and annuitants. Prudential Retirement has $363.8 billion in retirement account values as of December 31, 2014.
Prudential Financial, Inc. (NYSE: PRU) is a financial services leader with more than $1 trillion of assets under management as of December 31, 2014. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for more than a century. For more information, please visit news.prudential.com.
Insurance products are issued by PICA and PRIAC, both of which also provide retirement products and services. Each company is solely responsible for its financial condition and contractual obligations.
You can find additional information on the company website: www.prudential.com.
Founded in 1851, MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policy owners. The company has a long history of financial strength and strong performance. With whole life insurance as its foundation, MassMutual provides products to help meet the financial needs of clients, such as life insurance, disability income insurance, long term care insurance, retirement/401(k) plan services, and annuities.
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Massachusetts and its major affiliates include: Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; The First Mercantile Trust Company; MassMutual International LLC; MML Investors Services, LLC, Member FINRA and SIPC; OppenheimerFunds, Inc.; and The MassMutual Trust Company, FSB.
MassMutual’s Retirement Services Division has been serving retirement plans for more than 65 years. It offers a full range of products and services for corporate, union, nonprofit and governmental employers' defined benefit, defined contribution and nonqualified deferred compensation plans. It serves approximately 2.8 million participants.