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This enormous deal is the latest in a series of pension risk transfers due to the market environment and PBGC pricing trends.
2017 improvements to pension plans' funded status, as well as early-2018 volatility, has implications for companies' pension funding strategy this year.
If companies decide to repatriate overseas cash, they're likely to issue less debt.
Companies with underfunded pension plans try to contain costs by buying annuities for retirees receiving modest benefits.
Legislation would set up a new office, the Pension Rehabilitation Administration, within Treasury.
Move comes as company says it will halve its dividend.