JCPENNEY ANNOUNCES ACTIONS TO FURTHER DE-RISK PENSION PLAN
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J.C. Penney (JCP) Announces Reduction in Pension Obligations; Will Transfer 'Substantial' Portion to Prudential
October 2, 2015 6:47 AM EDTJ.C. Penney (NYSE: JCP) announced actions that will significantly reduce the benefit obligation of its qualified pension plan ("the Plan") without requiring any cash contribution from the Company. JCPenney recently completed a lump-sum offer for select participants in the Plan, and it has also entered into an agreement with The Prudential Insurance Company of America (NYSE: PRU) ("Prudential") to purchase a group annuity contract that will settle a substantial portion of JCPenney's remaining retiree pension benefit obligations. After the closing of these transactions, which is anticipated... More
