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BRIEF-United Techn to reduce pension liabilities by $1.77 bln
October 6, 2016 / 11:41 PM / a year ago

BRIEF-United Techn to reduce pension liabilities by $1.77 bln

Oct 6 (Reuters) - United Technologies Corp

* Announced two related actions that are expected to reduce overall size of its pension obligations by approximately $1.77 billion.

* United technologies retirees,beneficiaries included in this group will not see any reduction in monthly payments

* United technologies expects approximately 10,000 participants to take lump sum offer

* Transactions to not diminish plans’ funded status,not expected to materially impact future pension expense or require additional contributions

* Pension benefit program gives some former workers option to take one-time lump sum instead of future monthly pension payments

* United technologies to reduce pension liabilities

* Will transfer approximately $775 million of its outstanding pension benefit obligations to prudential insurance company of america

* Also implemented program offering certain former u.s. Employees or beneficiaries with a vested pension benefit

* Vested pension benefit action expected to reduce co’s pension benefit obligations by approximately $995 million by year-end 2016

* Expects to recognize a one-time pretax pension settlement charge in range of $400 million to $530 million in q4 of 2016 Source text for Eikon: Further company coverage:

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