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Hasbro purchases annuity contract to help settle pension plan liabilities

Hasbro Inc. has purchased a group annuity contract from Massachusetts Mutual Life Insurance Co. to administer all future payments to the remaining participants in its U.S. defined benefit pension plan.

The purchase of the contract and lump sum payments to vested plan participants settled all remaining liabilities during the second quarter, according to a Form 10-Q filing.

The board of directors approved termination of the pension plan in February 2018, and received regulatory approval to do so during the fourth quarter of that year.