PCH - PotlatchDeltic to transfer $70M in pension obligations to American General Life Insurance

PotlatchDeltic (PCH) will purchase a group annuity contract from American General Life Insurance, under which it will irrevocably transfer to American General Life ~$70M of pension obligations. American General Life will assume responsibility for annuity administration and benefit payments to select retirees and terminated vested participants starting Jun. 1. This transaction was funded with plan assets and PCH transferred the premium amount to American General Life on Mar. 17. There will be no change to participants' pension benefits as a result of the group annuity transaction. Following the annuity purchase and transfer, PCH's qualified pension plan will remain well-funded. PCH will recognize a pre-tax noncash pension settlement charge in Q1. "The transfer represents almost one quarter of our qualified pension liability," said PCH CFO Jerald Richards.

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PotlatchDeltic to transfer $70M in pension obligations to American General Life Insurance