April 3, 2018 / 8:26 PM / 8 months ago

BRIEF-Alcoa Corp Signs Group Annuity Contracts To Transfer Canadian Pension Obligations And Assets

April 3 (Reuters) - Alcoa Corp:

* ALCOA CORPORATION SIGNS GROUP ANNUITY CONTRACTS TO TRANSFER CANADIAN PENSION OBLIGATIONS AND ASSETS

* SIGNED GROUP ANNUITY CONTRACTS TO TRANSFER ABOUT $555 MILLION IN OBLIGATIONS, AND RELATED ASSETS, OF DEFINED BENEFIT PENSION PLANS IN CANADA

* GROUP ANNUITY CONTRACTS WITH THREE CANADIAN INSURANCE COMPANIES WILL COVER APPROXIMATELY 2,100 RETIREES OR BENEFICIARIES

* IN Q2 OF 2018, ALCOA EXPECTS TO RECORD A NON-CASH SETTLEMENT CHARGE OF ABOUT $175 MILLION

* AS PART OF ANNUITY AGREEMENTS, CO TO CONTRIBUTE ABOUT $95 MILLION IN MID-APRIL 2018 TO FACILITATE ANNUITY TRANSACTION

* COMPANIES TO BEGIN MAKING BENEFIT PAYMENTS TO AFFECTED PLAN PARTICIPANTS BY JULY Source text for Eikon: Further company coverage:

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