Sysco enters agreement to transfer $700M in pension obligations to MassMutual

SYSCO CORP

Plan to purchase group annuity contract from MassMutual (AA+/Aa3/A++ rated) for approx. $700M of pension liabilities.
Transaction covers about 10,000 participants and beneficiaries; benefits unchanged.
Closing expected on October 25, 2022; insurer assumes payment obligations from Jan 1, 2023.
Reduces Sysco's pension risk and ongoing administrative burden for transferred participants.

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