{"id":17616,"date":"2019-11-22T09:15:05","date_gmt":"2019-11-22T14:15:05","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/rayonier-advanced-materials-pension-taking-on-annuity-buyout-139220"},"modified":"2019-11-22T09:15:05","modified_gmt":"2019-11-22T14:15:05","slug":"rayonier-advanced-materials-pension-taking-on-annuity-buyout","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/11\/22\/rayonier-advanced-materials-pension-taking-on-annuity-buyout\/","title":{"rendered":"Rayonier Advanced Materials pension taking on annuity buyout"},"content":{"rendered":"<div class=\"alignleft clearfix\">\n<div class=\"wp-caption feature-image alignleft\"><img decoding=\"async\" loading=\"lazy\" width=\"316\" height=\"190\" src=\"https:\/\/www.benefitscanada.com\/wp-content\/uploads\/2016\/02\/Annuity-Shutterstock.jpg\" class=\"attachment-feature size-feature wp-post-image\" alt title=\"Rayonier Advanced Materials pension taking on annuity buyout\"> <\/div>\n<\/div>\n<p class=\"byline\"><span>Staff<\/span>&nbsp;|&nbsp;November 22, 2019<\/p>\n<p>Rayonier Advanced Materials is transferring a portion of its Canadian defined benefit plan obligations with a $293-million annuity buyout.<\/p>\n<p>Through the&nbsp;transaction, Sun Life will take over the responsibility for pension benefits owed to nearly 1,500&nbsp;<span class=\"xn-location\">Ontario<\/span>&nbsp;and&nbsp;<span class=\"xn-location\">Quebec<\/span>&nbsp;pensioners and beneficiaries. The plan members include former employees of forestry company Tembec, which was acquired by the global manufacturer in 2017. Sun Life&nbsp;will begin administering pension benefits for these plan members in early 2020, with members\u2019 pension benefits remaining unchanged.<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/buy-ins-and-boomerangs-a-look-at-the-trends-in-canadas-annuity-market-110110\">Buy-ins and boomerangs: A look at the trends in Canada\u2019s annuity market<\/a><\/strong><\/p>\n<p>\u201cWith this transaction, we are proud to ensure the financial security of many former Tembec employees, while strengthening the balance sheet and solidifying RYAM\u2019s ability to help support current and future retirees in their retirement,\u201d said&nbsp;<span class=\"xn-person\">Jay Posze<\/span>, the company\u2019s&nbsp;senior vice-president of human resources, in a press release.<\/p>\n<p>Sun Life noted the&nbsp;transaction highlights a growing trend in&nbsp;<span class=\"xn-location\">Canada, as<\/span>&nbsp;DB&nbsp;plan sponsors seek better risk management solutions so they can focus on their core business while ensuring&nbsp;the security of plan members\u2019 pension benefits.<\/p>\n<p>\u201cWe are delighted to be working with RYAM and their consultant Mercer, to help right-size RYAM\u2019s pension plans and meet their business objectives, while protecting their pensioners\u2019 benefits,\u201d said&nbsp;<span class=\"xn-person\">Brent Simmons<\/span>, senior managing director and head of&nbsp;DB&nbsp;solutions at Sun Life. \u201cTransactions of this size are complex and require all parties to be organized and nimble. Both RYAM and Mercer were prepared and took a planful approach to help execute this deal.\u201d<\/p>\n<p><strong>Read:&nbsp;<a href=\"https:\/\/www.benefitscanada.com\/news\/how-husky-energy-included-active-members-in-its-db-plan-annuitization-129535\">How Husky Energy included active members in its DB plan annuitization<\/a><\/strong><\/p>\n<p> <a href=\"https:\/\/www.benefitscanada.com\/news\/rayonier-advanced-materials-pension-taking-on-annuity-buyout-139220\">Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staff&nbsp;|&nbsp;November 22, 2019 Rayonier Advanced Materials is transferring a portion of its Canadian defined benefit plan obligations with a $293-million annuity buyout. Through the&nbsp;transaction, Sun Life will take over the responsibility for pension benefits&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17616"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17616"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17616\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}