Cases & Deals

Chemtura purchases $350 to $375 million group annuity contract from Voya

Client(s) Chemtura Corporation

Jones Day advised Chemtura Corporation in its transfer of approximately $350 to $375 million of pension plan liabilities to Voya Retirement Insurance and Annuity Company ("Voya"), covering approximately 5,000 U.S. retirees (who are receiving monthly payments from the Chemtura Corporation Retirement Plan as of September 1, 2015 and whose pension benefits were less than $2,000 per month) or their designated beneficiaries. To effect the transfer, Voya issued a group annuity contract that will transfer payment responsibility to Voya for retirement pension benefits owed to the affected retirees starting May 1, 2016.