3M to transfer about $2.5 bln of US pension obligations to Met Tower Life Insurance

June 13 (Reuters) – 3M (MMM.N), opens new tab said on Thursday it would transfer about $2.5 billion of its U.S. pension payment obligations and related plan assets for nearly 23,000 U.S. retirees and beneficiaries to Metropolitan Tower Life Insurance.

Met Tower Life will begin paying and administering the retirement benefits included in the transfer on Oct. 1.

3M added it expects to recognize an estimated pension settlement charge of between $800 million and $900 million in the quarter ending June 30.

Source: REUTER