UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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TABLE OF CONTENTS
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Item 8.01. |
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Section 8 – Other Events
Item 8.01. Other Events
On December 23, 2020, Weyerhaeuser Company (“Weyerhaeuser”) closed a pension transfer transaction pursuant to the terms of that certain Commitment Agreement dated as of December 16, 2020 (“Agreement”) by and among Weyerhaeuser, Metropolitan Tower Life Insurance Company (“MetLife”) and State Street Global Advisors Trust Company, as independent fiduciary to Weyerhaeuser’s U.S. Pension Plan (the “Pension Plan”). Under the terms of the Agreement, the Pension Plan purchased a group annuity contract that transfers to MetLife Weyerhaeuser’s Pension Plan benefit obligations for nearly 5,200 Weyerhaeuser retirees and beneficiaries in the United States (“Transferred Participants”).
As part of the purchase of the group annuity contract, Pension Plan benefit obligations and related annuity administration services for Transferred Participants have been irrevocably assumed and guaranteed by MetLife. There will be no change to pension benefits for Transferred Participants. By irrevocably transferring these obligations to MetLife, Weyerhaeuser reduced its overall projected Pension Plan benefit obligation by approximately $765 million. The purchase of the group annuity contract was funded directly by Pension Plan assets.
Weyerhaeuser expects to recognize a non-cash pre-tax pension settlement charge of $253 million in the fourth quarter of 2020 as a result of the purchase of the group annuity contract.
Certain statements in this Current Report on Form 8-K are or may be considered forward-looking statements, such as statements relating to the financial impact and future benefits of the transactions contemplated by the Agreement. These statements reflect Weyerhaeuser management’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these statements. There is no guarantee that any of the events anticipated by Weyerhaeuser’s forward-looking statements will occur. Factors that could cause actual results to differ materially from those expressed or implied in this Current Report include, but are not limited to, the amount and timing of the expected settlement charge, and other factors that can be found in Weyerhaeuser’s filings with the Securities and Exchange Commission. Weyerhaeuser undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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WEYERHAEUSER COMPANY |
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By: |
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/s/ Kristy T. Harlan |
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Name: |
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Kristy T. Harlan |
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Its: |
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Senior Vice President, General Counsel and Corporate Secretary |
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Date: January 25, 2021