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Alcoa to transfer $1 billion in pension obligations to Athene Holding

Alcoa to transfer $1 billion in pension obligations to Athene Holding

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Alcoa Corp. AA, -4.80% said Wednesday that it has bought group annuity contracts that will help transfer $1 billion in pension obligations for defined benefit pension plans for certain retirees and beneficiaries in the U.S. The aluminum company’s stock rose 1.6% in premarket trading. The transfer will be completed later in November.

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