Bristol-Myers Squibb
As the retirement industry evolves from guaranteed lifetime pension plans to 401(k)s, pension risk transfers (PRTs) have become the linchpin connecting the past, present and future of retirement benefits. These PRTs allow firms to offload the burdensome administration of allocating pension plan.
Bristol-Myers Squibb is one such firm that offloaded its $2.6 billion pension plan in 2019 and has been hit with a “frivolous lawsuit,” according to the ERISA Industry Committee, which is now petitioning the court to dismiss the lawsuit.
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