“The $4.9 billon transfer from the oil company's U.S. subsidiary is among the first large pension risk transfers of 2024.” - Plansponsor, Feb 7
The transfer is 21,500 retirees’ pensions out of 26,536 total pensioners. Just offloading the remaining 80 Point Plan employees? Guess with the markets up, it’s a good time to fix liabilities and move on.
Looks like that nixes any periodic cost of living adjustments that were always within Plan purview but not actioned.
Yes, scoring 80 points as a JG 2/1 or above means “Hakuna Matata”.
Ah the golden handcuffs of getting to 80 pts. A JG2 or 1 at 70-75 pts is like an addict on F. Gotta get that 80 pt hit. Shank anyone near the Starbucks for those precious pts. #soSad
The next move is to offer the lump sum buyouts like XOM did. It looks good having the “legacy liabilities” off the books.
I know retirees on the 80 pt plan who were not included. Heard individual stories that if your pension is < $2500/month or more than $7000/month, you will be moved. Can't say I understand the reason for this specific range.