Tredegar Corporation Enters Pension Buyout Agreement with Massachusetts Mutual Life Insurance Company

TREDEGAR CORP

Purchased a nonparticipating single premium group annuity contract for approximately $157.5 million.
Company contributed about $27.7 million to fully fund the Tredegar Corporation Retirement Income Plan.
Transfer of pension liabilities affects 2,782 U.S. retirees, beneficiaries, and vested terminated participants.
Expects to recognize a non-cash pension settlement charge of approximately $69 million in Q4 2023.
Massachusetts Mutual Life Insurance Company will begin paying benefits on January 1, 2024.

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

TREDEGAR CORP entered into Commitment Agreement with Massachusetts Mutual Life Insurance Company valued at approximately $157.5 million (effective 2023-10-31).

Action: entry
Counterparty: Massachusetts Mutual Life Insurance Company
Value: approximately $157.5 million
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023, Tredegar Corporation (the “Company”) entered into a commitment agreement (the “Commitment Agreement”) with Massachusetts Mutual Life Insurance Company (the “Insurer”) pursuant to which the Company purchased a nonparticipating single premium group annuity contract for approximately $157.5 million

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TREDEGAR CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-271467

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