Mayer Brown LLP acted as counsel to Bristol-Myers Squibb Company in the transfer of $1.4 billion in US pension obligations, including related assets, for approximately 8,000 US retirees and their beneficiaries to The Prudential Insurance Company of America through the purchase of a group annuity contract.
The transaction, originally announced on September 30, 2014 and completed on December 2, 2014, reduces risk in the global biopharmaceutical company’s US Retirement Plan and in the volatility in costs associated with its maintenance while insuring benefits for retirees and beneficiaries.
Mayer Brown served as corporate, ERISA and insurance regulatory counsel to Bristol-Myers Squibb in the transaction. The transaction demonstrates Mayer Brown’s strength in handling complex transactions requiring multidisciplinary skills in insurance, pension, tax and corporate law. The team was led by Employment & Benefits partner Maureen Gorman (Palo Alto and New York) and Corporate & Securities partners Stephen Rooney (New York) and Larry Hamilton (Chicago).
Source: www.mayerbrown.com
