LifeWorks purchases buy-in annuity contracts for Stelco's Hamilton Works
June 17, 2022
Secures benefit entitlements of all plan participants; involves two Canadian insurers
LifeWorks, in its capacity as plan administrator, has purchased buy-in annuity contracts on May 31, 2022 for the Stelco Inc. Retirement Plan for USW Local 1005 Members at Hamilton Works (the "plan") in order to secure the benefit entitlements of all plan participants.
The complex transactions aimed at accomplishing various objectives, such as preserving the favourable financial position of the plan; helping to afford fair treatment for all plan participants; and maximizing Assuris benefit protection.
