Moog Inc 8-K, filed Sep 18, 2020
Moog Inc. (MOG-A)
8-K
2020-09-18
For: 2020-09-16
View Original
Added on
April 04, 2026
About this 8-K
Moog Inc filed this 8-K on September 18, 2020, reporting on events of September 16, 2020.
Items reported
- Item 1.01: Entered into a material agreement
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 1.01 | Entry into a Material Definitive Agreement |
On September 16, 2020, Moog, Inc. (the "Company") entered into an agreement (the "Agreement") with Metropolitan Tower Life Insurance Company (the "Insurer"), a direct, wholly owned subsidiary of MetLife Inc., relating to the Moog Inc. Employees' Retirement Plan (the "Plan").
Under the Agreement, the Company purchased a single premium non-participating group annuity contract from the Insurer and transfered to the Insurer the future benefit obligations and annuity administration for certain retirees and beneficiaries under the Plan (the “Transferred Participants”). The Transferred Participants include those former employees who were already in pay status as of July 1, 2020. They do not include the remaining plan participants, which include former employees who were fully vested but had not yet entered pay status as of July 1, 2020.
Upon payment of the premium to the Insurer and the closing of the transaction specified by the Agreement (the “Transaction”), the pension benefit obligations for 3,058 Transferred Participants were irrevocably transferred from the Plan to the Insurer, which guarantees the pension benefits of the Transferred Participants. By transferring these obligations to the Insurer, the Company's Plan liabilities were reduced by approximately $481 million. The purchase of the group annuity contract was funded directly by assets of the Plan.
All Transferred Participants will continue to receive their pension benefits from the Plan until October 31, 2020, after which time, subject to the terms of the Agreement, the Insurer will assume responsibility for making direct payment of the benefits to the Transferred Participants and for administrative and customer service support regarding such benefits.
The preceding summary of the Agreement is qualified in its entirety by reference to the text of the Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending October 3, 2020.
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.
MOOG INC. | |||
Dated: | September 18, 2020 | By: | /s/ Michael J. Swope |
Name: | Michael J. Swope | ||
Controller | |||