Covington Advises on One of the Largest U.S. Pension Transfers

WASHINGTON—Covington advised WestRock Company in its transfer of $2.5 billion of pension liabilities to Prudential Insurance Company of America. WestRock’s pension plan will purchase a group annuity contract from Prudential covering approximately 35,000 retirees and beneficiaries. This is one of the largest pension transfer transactions to have occurred in the United States.

WestRock is a leading provider of paper and packaging solutions in consumer and corrugated markets. WestRock has 39,000 employees and has more than 250 operating and business locations spanning North America, South America, Europe and Asia.

The Covington team advising WestRock included employee benefits partner Robert Newman and associate Jason Levy.