{"id":411959,"date":"2021-01-11T08:03:56","date_gmt":"2021-01-11T13:03:56","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=411959"},"modified":"2021-01-11T08:03:56","modified_gmt":"2021-01-11T13:03:56","slug":"unisys-agrees-to-transfer-a-portion-of-its-u-s-pension-obligations-to-massmutual-marking-latest-step-in-reducing-pension-exposure","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/unisys-agrees-to-transfer-a-portion-of-its-u-s-pension-obligations-to-massmutual-marking-latest-step-in-reducing-pension-exposure\/","title":{"rendered":"Unisys Agrees to Transfer a Portion of its U.S. Pension Obligations to MassMutual, Marking Latest Step in Reducing Pension Exposure"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">Agreement marks second action within last 30 days to reduce pension plan volatility and cost while securing retiree pension benefits with highly-rated insurance company<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">BLUE BELL, Pa.<\/span>, <span class=\"xn-chron\">Jan. 11, 2021<\/span> \/PRNewswire\/ &#8212;\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3029905-1&amp;h=1131532408&amp;u=http%3A%2F%2Fwww.unisys.com%2F&amp;a=Unisys+Corporation\" rel=\"nofollow noopener noreferrer\">Unisys Corporation<\/a>\u00a0(NYSE: UIS) today announced it has entered into an agreement with Massachusetts Mutual Life Insurance Company (MassMutual) to purchase a group annuity contract for approximately <span class=\"xn-money\">$280 million<\/span> through which it will transfer projected benefit obligations valued slightly less than this amount related to certain retirees under the company&#8217;s U.S. pension plans to MassMutual.<\/p>\n<p>As discussed in its third-quarter earnings call on <span class=\"xn-chron\">October 27<\/span>, Unisys anticipates that this action will result in a one-time, non-cash, pre-tax settlement charge of approximately <span class=\"xn-money\">$150 million<\/span>. Since the purchase will be made by the pension trust, there will be no impact on the company&#8217;s cash position.<\/p>\n<p>The action follows the company&#8217;s <span class=\"xn-chron\">December 20<\/span> announcement of a lump-sum cash-out offer that resulted in payments of approximately <span class=\"xn-money\">$276 million<\/span> to certain eligible former U.S. associates. \u00a0\u00a0<\/p>\n<p>&#8220;Purchasing this annuity contract represents the latest step in our plan to reduce global pension liabilities by approximately <span class=\"xn-money\">$1 billion<\/span> by the end of the first quarter of 2021,&#8221; said Unisys Chief Financial Officer <span class=\"xn-person\">Mike Thomson<\/span>. &#8220;We look forward to additional progress toward this goal of reducing volatility and costs in the coming months.&#8221;<\/p>\n<p>As part of the transfer, the insurance company will assume responsibility for pension benefits for approximately 11,600 retirees and beneficiaries with monthly benefits lower than certain thresholds. There will be no changes to the gross amount, timing, or form of the monthly pension payments.<\/p>\n<p>\n        <b>About Unisys<br \/><\/b>Unisys is a global IT services company that delivers successful outcomes for the most demanding businesses and governments. Unisys offerings include digital workplace services, cloud and infrastructure services and software operating environments for high-intensity enterprise computing. Unisys integrates security into all of its solutions. For more information on how Unisys delivers for its clients across the government, financial services and commercial markets, visit <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3029905-1&amp;h=1762923534&amp;u=http%3A%2F%2Fwww.unisys.com%2F&amp;a=www.unisys.com\" rel=\"nofollow noopener noreferrer\">www.unisys.com<\/a>.<\/p>\n<p>Follow Unisys on <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3029905-1&amp;h=4146269190&amp;u=http%3A%2F%2Ftwitter.com%2FUnisysCorp&amp;a=Twitter\" rel=\"nofollow noopener noreferrer\">Twitter<\/a>\u00a0and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3029905-1&amp;h=2397898942&amp;u=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Funisys&amp;a=LinkedIn\" rel=\"nofollow noopener noreferrer\">LinkedIn<\/a>. <\/p>\n<p>\n        <b>Forward-Looking Statements<br \/><\/b>Any statements contained in this release that are not historical facts are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements rely on assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Additional discussion of factors that could affect Unisys future results is contained in our periodic filings with the Securities and Exchange Commission.<\/p>\n<p>RELEASE NO.: 0111\/9809<\/p>\n<p>Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation.\u00a0Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.<\/p>\n<p>UIS-C<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=PH41238&amp;sd=2021-01-11\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/unisys-agrees-to-transfer-a-portion-of-its-us-pension-obligations-to-massmutual-marking-latest-step-in-reducing-pension-exposure-301203595.html\">http:\/\/www.prnewswire.com\/news-releases\/unisys-agrees-to-transfer-a-portion-of-its-us-pension-obligations-to-massmutual-marking-latest-step-in-reducing-pension-exposure-301203595.html<\/a><\/p>\n<p>SOURCE  Unisys Corporation<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=PH41238&amp;Transmission_Id=202101110800PR_NEWS_USPR_____PH41238&amp;DateId=20210111\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Agreement marks second action within last 30 days to reduce pension plan volatility and cost while securing retiree pension benefits with highly-rated insurance company PR Newswire BLUE BELL, Pa., Jan. 11, 2021 \/PRNewswire\/ &#8212;\u00a0Unisys Corporation\u00a0(NYSE: UIS) today announced it has entered into an agreement with Massachusetts Mutual Life Insurance Company (MassMutual) to purchase a group annuity contract for approximately $280 million through which it will transfer projected benefit obligations valued slightly less than this amount related to certain retirees under the company&#8217;s U.S. pension plans to MassMutual. As discussed in its third-quarter earnings call on October 27, Unisys anticipates that this action will result in a one-time, non-cash, pre-tax settlement charge of approximately $150 million. Since the purchase will be &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/unisys-agrees-to-transfer-a-portion-of-its-u-s-pension-obligations-to-massmutual-marking-latest-step-in-reducing-pension-exposure\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Unisys Agrees to Transfer a Portion of its U.S. Pension Obligations to MassMutual, Marking Latest Step in Reducing Pension Exposure&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-411959","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Unisys Agrees to Transfer a Portion of its U.S. Pension Obligations to MassMutual, Marking Latest Step in Reducing Pension Exposure - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/unisys-agrees-to-transfer-a-portion-of-its-u-s-pension-obligations-to-massmutual-marking-latest-step-in-reducing-pension-exposure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unisys Agrees to Transfer a Portion of its U.S. Pension Obligations to MassMutual, Marking Latest Step in Reducing Pension Exposure - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Agreement marks second action within last 30 days to reduce pension plan volatility and cost while securing retiree pension benefits with highly-rated insurance company PR Newswire BLUE BELL, Pa., Jan. 11, 2021 \/PRNewswire\/ &#8212;\u00a0Unisys Corporation\u00a0(NYSE: UIS) today announced it has entered into an agreement with Massachusetts Mutual Life Insurance Company (MassMutual) to purchase a group annuity contract for approximately $280 million through which it will transfer projected benefit obligations valued slightly less than this amount related to certain retirees under the company&#8217;s U.S. pension plans to MassMutual. As discussed in its third-quarter earnings call on October 27, Unisys anticipates that this action will result in a one-time, non-cash, pre-tax settlement charge of approximately $150 million. 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As discussed in its third-quarter earnings call on October 27, Unisys anticipates that this action will result in a one-time, non-cash, pre-tax settlement charge of approximately $150 million. 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