NCR Corp., the maker of point-of-sale technologies and ATM machines, will transfer about $160 million in pension liabilities after purchasing a single-premium group annuity contract from The Principal Life Insurance Co., according to a filing with the SEC.
The contract affects 4,500 former NCR employees who began drawing benefits from the company plan before Jan. 1, 1994.
The move is in line with the Georgia-based company's pension transformation strategy, according to a statement from John Boudreau, NCR's treasurer.
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