3M transfers $2.5B in pension obligations to Met Tower Life; expects $0.8-$0.9B non-cash charge

3M CO

Transfers ~$2.5B in defined benefit pension obligations and related plan assets for ~23,000 U.S. retirees.
Group annuity contract purchased from Metropolitan Tower Life; no additional funding required from 3M.
Met Tower Life begins paying/administering benefits on October 1, 2024; monthly amounts unchanged.
Expects non-cash pre-tax settlement charge of $0.8-$0.9B in Q2 2024; excluded from adjusted net income and free cash flow.
Transaction covers ~60% of ERIP retiree participants; current employees unaffected.

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