Limoneira purchases $12.6M group annuity from Principal to settle frozen pension plan

Limoneira CO

Single premium of $12,617,160.57 paid on Nov 10, 2022 to transfer pension liabilities for 250 participants.
Principal Life Insurance assumes monthly benefit payments for 221 retired and 29 deferred participants.
Company continues admin through Dec 31, 2022; Principal reimburses during temporary bulk payment term.
Transaction follows termination of Limoneira Company Retirement Plan effective Dec 31, 2021.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Limoneira CO entered into Single Premium Guaranteed Annuity Contract Purchase Agreement with Principal Life Insurance Company valued at $12,617,160.57 (effective 2022-11-04).

Action: entry
Counterparty: Principal Life Insurance Company
Value: $12,617,160.57
Effective: 2022-11-04

Exact text from the filing

On November 4, 2022, Limoneira Company, a Delaware corporation (the “ Company ”), entered into a Single Premium Guaranteed Annuity Contract Purchase Agreement (the “ Agreement ”) with Principal Life Insurance Company (the “ Insurer ”).

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Limoneira CO filing history →

Source: SEC EDGAR

accession 0001104659-22-116373

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