Timken Company to Purchase Group Annuity from The Prudential Insurance Company of America for Retiree Pension Benefits
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The annuity purchase will have no impact on the monthly pension benefits Timken retirees and surviving beneficiaries receive today. The group annuity contract includes an irrevocable commitment by Prudential to make annuity payments to affected retirees covered under the contract. Timken is notifying by mail those individuals who are affected by the forthcoming change.
Timken has always been committed to meet its pension obligations responsibly and with care. Over the past decade, the company has contributed nearly
When finalized, this annuity purchase will reduce
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