(Reuters) - International Paper Co, a fiber-based packaging, pulp and paper producer, said on Monday it would transfer $1.3 billion in pension obligations to No. International Paper expects to take a pretax non-cash pension settlement charge of about $400 million in the fourth quarter. Prudential will assume responsibility for pension benefits of around 45,000 former International Paper employees at the end of 2017, International Paper said. http://reut.rs/2xKJfljU.S. insurers have been buying corporate pension plans at a record clip as rising interest rates and all-time high stock-market values give companies an opportunity to offload them. Pension transfers of $13.7 billion were finalized last year, up 1 percent from 2015, according to LIMRA, an industry trade group.

Source: International New York Times October 02, 2017 11:37 UTC