June 23, 2017 / 11:08 AM / a month ago

BRIEF-Accenture reduces U.S. pension obligations by $1.6 billion

1 Min Read

June 23 (Reuters) - Accenture Plc:

* Accenture reduces U.S. pension obligations by $1.6 billion through previously announced plan termination, following asset transfer to AIG and MassMutual

* Accenture Plc - plan's termination removed a total of $1.6 billion of pension obligations

* Accenture Plc - under agreements, plan transferred pension assets to AGL, MassMutual to settle approximately $1.0 billion of outstanding pension obligations

* Accenture Plc - Accenture has created a new, fully funded, defined benefit plan with approximately $200 million of pension obligations

* Accenture - plan's termination removed about $600 million through lump-sum payments to about 7,000 active, former U.S. employees

* Accenture - plan's termination removed $1.0 billion through purchase of annuities from insurance cos

* Accenture - completed termination of U.S. pension plan by entering agreements with American General Life Insurance Co, Massachusetts Mutual Life Insurance Co Source text for Eikon: Further company coverage:

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