The New York Times Company has entered into agreement with Massachusetts Mutual Life Insurance Company (MassMutual) to transfer a total of $225m in liabilities from two of its US defined benefit plans.
Under the agreement, The New York Times Company’s Pension Plan and The Retirement Annuity Plan for Craft Employees of The New York Times Company will buy group annuity contracts from MassMutual for around 3800 retired employees.
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The deal will transfers payment administration and obligations to MassMutual and the insurer will pay annuity and monthly benefits to retired employees under group annuity contracts.
New York Times said that this arrangement is part of its continued effort to manage the overall size and volatility of its pension plan obligations, and the administrative costs related thereto.
The transaction will not result in the change in the pension amount or benefits offered to retirees and the company expect to finalise the agreement by early 2018.
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