Legal & General said April 5 that it entered into a U.S.pension risk transfer deal with the Pension Plan for Lay Employees and Sistersand Brothers Within the Diocese of Palm Beach for approximately $65 million.
Under the agreement, Legal & General started providingretirement payments under a group annuity contract to the Diocese's retirees asof April 1. The Diocese was advised by USI Consulting Group.
Legal & General Retirement America will administer thepayments to the annuitants going forward. Legal & General America'sBanner Life InsuranceCo. will be the entity issuing the group annuity contract.Legal & General Investment ManagementAmerica Inc. will manage the majority of the assets.
The Legal & General America companies are Banner LifeInsurance and its subsidiary, William Penn Life Insurance Co. of New York.