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BRIEF-New York Times enters agreements with Massachusetts Mutual Life Insurance
October 24, 2017 / 9:49 PM / a month ago

BRIEF-New York Times enters agreements with Massachusetts Mutual Life Insurance

Oct 24 (Reuters) - New York Times Co

* New York Times - ‍on Oct 18, entered agreements with Massachusetts Mutual Life Insurance Co relating to two of cos pension plans - SEC filing​

* New York Times Co - ‍under agreements, company will purchase from MassMutual group annuity contracts with respect to pension plans​

* New York Times- ‍under deals, co to also transfer to MassMutual future benefit obligations, annuity administration for some retirees under pension plans​

* New York Times - ‍by transferring obligations to MassMutual, co expects to reduce its qualified pension plan obligations by about $225 million​

* New York Times Co - ‍purchase of group annuity contracts is being funded through existing assets of pension plans​

* New York Times - ‍as result of agreements, co expects to recognize a pension settlement charge of about $95 million before tax in Q4 of 2017​

* New York Times Co - ‍on oct 20, made a $100 million discretionary contribution to pension plans, funded by cash on hand​ Source text : (bit.ly/2y4eRyy) Further company coverage:

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