AAR transfers remaining U.S. pension obligations to insurers; expects $25M non-cash charge

AAR CORP

Closed purchase of group annuity contracts covering ~900 participants, transferring substantially all remaining U.S. pension obligations to American National Insurance.
Transaction funded by Plan assets; no cash contributions from AAR required.
Expects ~$7M surplus Plan assets to fund contributions to a qualified 401(k) plan.
Expects non-cash pre-tax pension settlement charge of ~$25M in Q1 fiscal 2024.

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