Lockheed Backed by States, Industry in Pension Transfer Appeal

Lockheed Martin Corp. drew support from business industry groups and state attorneys general in its bid to win the first federal appeals court decision over pension plans that de-risk using annuities from a controversial insurer.

Multiple groups praised the safety of pension risk transfers in amicus briefs filed Wednesday in the US Court of Appeals for the Fourth Circuit. The transactions—in which companies remove workers from their pension plans by purchasing them annuities from third-party insurers—are an “integral component of maintaining pension benefits” that have occurred for decades alongside “extensive and consistent protections,” the American Council of Life Insurers said ...