Employers bought fewer pension buy-out annuities from U.S. issuers in the third quarter than in the third quarter of 2018, but one big pension risk transfer transaction helped increase total volume, according to new survey data from the LIMRA Secure Retirement Institute.
Seventeen insurers participated in the survey.
Employers can use single-premium group annuities to give insurers responsibility for paying part or all of a defined benefit pension plan’s benefits.
Insurers reported making 111 new buy-out contract deals in the third quarter.
That compares with a deal count of 167 in the year-earlier quarter.