https://www.semafor.com/article/04/25/2024/private-equitys-latest-trade-corporate-pensions
(Here is a snip from the article ...)
"A brisk new trade in the financial futures of millions of retirees is unnerving some US workers, regulators, and politicians who worry that private equity firms will invest corporate pensions recklessly.
"Recent lawsuits challenging AT&T, Lockheed, and Alcoa’s plans to turn their pensions over to Athene, which is owned by Apollo, casts a broader spotlight on private equity’s push into new corners of finance. Sen. Sherrod Brown has held hearings, cheered on by the Teamsters, and the Labor Department is weighing whether to require companies to at least consider whether an insurance business is owned by private equity before turning over their pensions.
"Companies like AT&T and IBM don’t want to be in the retirement business. So they’ve been offloading their pension plans to insurance companies. The 773 deals last year broke 2022’s record of 568, according to Aon, which advises corporate pensions."