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Bristol Myers Squibb’s $2.6 Billion Pension Risk Transfer Lawsuit Is ‘Frivolous,’ Say Industry Groups

The ERISA Industry Committee, along with two other industry groups, is seeking the dismissal of the drugmaker’s PRT class-action lawsuit over the transfer of its pension plan to Athene Annuity, alleging a breach of fiduciary duties.

By Lynn Cavanaugh | January 30, 2025 at 12:21 AM
Bristol-Myers Squibb

As the retirement industry evolves from guaranteed lifetime pension plans to 401(k)s, pension risk transfers (PRTs) have become the linchpin connecting the past, present, and future of retirement benefits. Pension risk transfers enable firms to offload the burdensome administration of allocating pension plan.

Bristol-Myers Squibb is one firm that offloaded its $2.6 billion pension plan in 2019 and has been hit with a “frivolous lawsuit,” according to the ERISA Industry Committee, which is now petitioning the court to dismiss the lawsuit.

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