Arconic reduces gross pension obligation by $1 billion with purchase of group annuity contract

Pittsburgh--(business wire)--arconic corporation (nyse: arnc) (“arconic” or “the company”) announced today it has purchased a group annuity contract from massachusetts mutual life insurance company (“massmutual”) and transferred approximately $1 billion of the company's u.s. pension plan obligations and related plan assets to massmutual. arconic chief executive officer tim myers said, “we are thoughtfully moving portions of our pension obligation to massmutual, a highly-rated, well-respected in
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