FedEx to Shift $6 Billion in Pension Obligations to MetLife
Employees sort packages for delivery at the FedEx Corp. shipping center in Chicago, Illinois, on Nov. 27, 2017.
Photographer: Christopher Dilts/BloombergThis article is for subscribers only.
FedEx Corp. is transferring $6 billion in U.S. pension obligations to MetLife Inc. to reduce administrative costs.
The deal covers the pension benefits of 41,000 retirees and beneficiaries who currently receive a monthly payout and meet certain conditions, the courier said in a statement Tuesday. FedEx, which said it would take a non-cash charge related to the deal, didn’t disclose the cost of the transaction.