Athene’s Pension Group Annuity Protected JCPenney Pensioners’ During Bankruptcy

When U.S. retail outlet chain JCPenney filed for bankruptcy, the retirement savings for tens of thousands of retirees were at risk. While the company’s assets were being sold off, the pension plan was hanging in the balance. It was slated to be taken over by the Pension Benefit Gua ranty Corporation, which would cut the benefits promised to workers.

Athene stepped in and kept these retirees whole by structuring a pension group annuity (PGA) for JCPenney that preserved all pension benefits, saving 39,000 pensioners from having their retirement benefits cut while guaranteeing future payments.

The close call JCPenney pensioners faced is just one example of how the pension crisis can impact American companies and retirees. At Athene, we pride ourselves on our ability to deliver individually tailored PGA solutions that preserve pension benefits, even in the event of an employer’s bankruptcy.

Athene has a proven track record of successful execution. We have served more than 560,000 plan participants totaling $51.8 billion in transaction value. In 2023, Athene ranked first in pension group annuity sales in 2023, with $10.4 billion in total volume per LIMRA.