Imagine opening your mailbox and finding a letter that says the company you worked for all those years no longer pays your pension. An insurance company you’ve never heard of does.
You didn’t agree to it. You didn’t get a vote. And it’s perfectly legal.
It’s called a pension risk transfer, and it’s big business. Employers moved $31.3 billion in pension obligations to insurers through buyouts in 2025, according to LIMRA, the insurance industry’s research group. Pension deals that year covered more than 740,000 people.
Some of America’s biggest employers have done it. AT&T moved about $8 billion in pension obligations covering roughly 96,000 people to Athene Annuity and Life...
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