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McClatchy buying group annuity contract from American United Life

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McClatchy buying group annuity contract from American United Life

McClatchy Co.'s retirement committee agreed to purchase an irrevocable, single-premium group annuity contract from American United Life Insurance Co. to transfer certain outstanding pension benefit obligations under The McClatchy Co. Retirement Plan.

The plan purchased annuities and settled obligations for a group of annuitants, including retirees and surviving beneficiaries who now receive a benefit of $180 per month or less from the plan, starting with the monthly payment to be made in January 2017.

The estimated projected benefit obligation related to the annuitants was $46 million, and the plan paid $49.5 million in cash, including the related insurance premium.

McClatchy, the plan administrator, does not expect a material impact on its pension expense resulting from the transaction.