Voya Retirement Insurance and Annuity Company, a member of the Voya Financial, Inc. family of companies, has entered an agreement to provide pension payments to approximately 5,000 retirees and beneficiaries currently covered under the Chemtura Corporation Retirement Plan.
Chemtura will purchase a group annuity contract for approximately $350 million.
Beginning on May 1, Voya will start making the pension payments to retirees and beneficiaries of the plan. Individuals will continue to receive their same monthly benefits. They will experience no other changes except that the payments will come from Voya instead of Chemtura.
“We are pleased that Chemtura has placed its trust in Voya to help support the thousands of retirees and pension plan beneficiaries who rely on these important benefits for their retirement income,” says Rick Mason, president of Small / Mid Corporate and Institutional Investment Markets at Voya Financial. “As the retirement landscape continues to evolve, many employers with traditional defined benefit plans are looking to reduce the uncertainty associated with managing these programs.”As defined benefit plan sponsors look to reduce liabilities and costs and better manage funding for their plans, the pension risk transfer market has steadily grown, and shows no signs of slowing.