Timken Company purchases $600 million group annuity contract from Prudential

Client(s) Timken Company, The

Jones Day advised The Timken Company in its transfer of about $600 million of pension plan liabilities to The Prudential Insurance Company of America, covering approximately 5,000 U.S. retirees who were already receiving pension benefits from Timken's U.S. retirement plan. To effect the transfer, Prudential issued a group annuity contract that contained an irrevocable commitment to make annuity payments to the affected retirees starting in April.