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Tue, Jul 16, 2019 02:35
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Management Side
Weyerhaeuser to reduce pension liabilities

SEATTLE, (News release) -- Weyerhaeuser Company announced actions to reduce the liabilities of its U.S. pension plan while maintaining the plan's current funded status.

First, Weyerhaeuser will offer select U.S. pension plan participants the opportunity to elect an immediate lump sum distribution. Distributions to those who elect to receive a lump sum will be paid from plan assets during the fourth quarter of 2018.

Following the lump sum distributions, Weyerhaeuser intends to transfer a portion of its U.S. pension assets and liabilities to an insurance company through the purchase of a group annuity contract. As part of the purchase, the insurer will assume responsibility for annuity administration and benefit payments to select retirees. This transaction would also be funded with plan assets and would be expected to close in 2019. There will be no change to retirees' pension benefits as a result of the group annuity transaction.

The company currently expects the lump sum and group annuity transactions will reduce the pension liabilities of its U.S. plan by approximately 30 percent and reduce the number of plan participants and beneficiaries by approximately 50 percent.

To maintain the plan's current funded status in connection with these transactions, the company intends to contribute approximately $300 million (or approximately $186 million after-tax) to its U.S. pension plan during the third quarter of 2018. This contribution will be deductible at the company's combined 2017 federal and state tax rate of 38 percent.

Additionally, Weyerhaeuser's U.S. pension plan assets will be transitioned to an allocation that will more closely match the plan's liability profile going forward.

"We are committed to maintaining financially secure pension benefits for our pension plan participants," said Doyle R. Simons, president and chief executive officer. "These actions will position us to better manage future pension plan costs while maintaining continued benefits security. Additionally, we will benefit from favorable tax treatment on our pension contribution."

Weyerhaeuser expects to record one-time non-cash pension settlement charges upon completion of the lump sum offer and annuity purchase, with amounts to be determined following the conclusion of each transaction.

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EMPLOYMENT OPPORTUNITIES:

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* A leading company in the corrugated solutions packaging business is looking for a experienced Electrician. The right candidate will possess the following skills: electrical; hydraulic; automatic drives (basic component machines 122 to 440 volts). If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* An expanding company is looking for a Corporate Industrial Electro-Mechanical Engineer near Allentown, PA. Relocation is available. Do you have a storied list of unique electrical and mechanical engineering skills you're ready to take to the next level? Do you envision yourself in a corporate-level leadership role that your experience finally merits? And do you relish any opportunity to troubleshoot and solve real-time problems, all while designing and installing new services and systems that will not only ensure safety, but also turn a potentially hazardous work environment into a continuously thriving one? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* An expanding company is looking for hands-on Electro Mechanical Maintenance Techs in Conyers, Georgia. Preference will be given to candidates with higher education and additional certificates or training. You must be able to work any shift. Pay is negotiable with excellent perks and benefits. Relocation assistance is available to the right candidate. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

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