Gannett transfers ~$450M in pension liabilities to two insurers via annuity purchase

USA TODAY Co., Inc.

Two insurers to assume pension obligations for certain U.S. retirees and beneficiaries.
Gannett Media will have no financial responsibility for Participants' benefits after Nov 1, 2022.
Participants' benefits unchanged; insurers handle administration and payments.
Agreement uses portion of Plan assets to buy annuities; no cash outlay disclosed.
Effective November 1, 2022.

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