Materion Corporation to Purchase Group Annuity Contract for Retiree Pension Benefits
Under the agreement, Mutual of America will assume the obligation to pay
future pension benefits starting
“We’re pleased to partner with Mutual of America to secure pension
benefits for our participants,” said Jugal Vijayvargiya, President and
Chief Executive Officer of
John R. Greed, Chairman, President and Chief Executive Officer of Mutual
of America, added: “Americans are living longer than ever and we
recognize that they are increasingly concerned about outliving their
retirement savings. With that in mind, we are pleased that
The purchase will be funded by existing plan assets, requires no cash
contribution, and removes approximately 43% of Materion’s U.S. pension
obligation, while still maintaining funding levels well above minimum
requirements for the remaining pension obligations.
The purchase of this group annuity contract allows
The annuity purchase will not impact the monthly pension benefits currently being paid to participants. The group annuity contract includes an irrevocable commitment by Mutual of America to make annuity payments to affected participants covered under the contract.
Mutual of America has specialized in providing retirement products and related services to organizations and their employees, as well as individuals, for over 70 years. As a mutual company, it does not have stockholders and is not publicly traded. Mutual of America operates solely for the benefit of its customers, managing the company for their long-term interest, rather than for the short-term demands of stockholders.
Mutual of America is a leading provider of retirement products, offering personalized service at a competitive price to help plan participants and individuals build and preserve assets for a financially secure future. Integrity, prudence, and reliability are the values that have guided the company since its inception and that continue to serve the company well. For more information regarding Mutual of America, please visit its website at mutualofamerica.com.