Entergy to transfer $1.157B pension liability to MetLife; expects Q2 non-cash charge of up to $335M

ENTERGY CORP /DE/

Entergy purchased group annuity from MetLife to settle ~$1.157B in pension liabilities covering 3,447 retirees.
Transaction funded by pension plan assets; no additional funding needed as liabilities were fully funded.
One-time non-cash pension settlement charge estimated $305M-$335M pre-tax ($241M-$265M after-tax) in Q2 2024.
Charge is an adjustment to GAAP net income, does not affect adjusted EPS; reaffirmed adjusted EPS and credit outlooks.
MetLife assumes benefit payments from Sept 2024; transferred participants receive same benefit amounts.

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