J.C. Penney Co. Inc. said on Thursday it has agreed to transfer its pension obligations to annuities provider Athene Holding Ltd., ensuring that the U.S. department store chain’s retired employees will continue to get their benefits.
J.C. Penney, which said in December that it would seek to exit bankruptcy protection sometime this year, will not receive any money as part of the deal, but will shed the liabilities that came with the pensions.
