Data & Statistics
Pension Buyout and Risk Transfer Statistics
The key numbers on pension buyouts: U.S. pension risk transfer market size by year, record deal counts, the landmark transactions, and how many Americans PBGC insures. Every figure sourced.
Key Takeaways
- U.S. employers transferred $51.8 billion of pension obligations to insurers in 2024, up 14 percent from 2023 and less than 1 percent below the 2022 record, per LIMRA.
- A record 794 single-premium contracts were sold in 2024, showing the market has spread from mega-deals to mid-sized plans.
- Total assets backing transferred buy-out obligations reached $296.5 billion in 2024.
- The PBGC insured about 19.4 million people in roughly 23,000 single-employer plans and about 11 million more in multiemployer plans in fiscal 2024.
- The landmark deals: GM's roughly $26 billion annuitization (2012), IBM's $16 billion transfer (2022), AT&T's $8 billion Athene deal (2023), and Verizon's $7.5 billion transfer (2012) that started the modern market.
In this article
Pension buyouts are usually discussed one offer letter at a time, which hides how large and fast-moving the market behind those letters is. This page collects the numbers that matter, each tied to a primary source: annual U.S. pension risk transfer volume, deal counts, the landmark transactions, and the scale of the federally insured pension system those deals are steadily draining. Figures are updated as new LIMRA and PBGC data is published.
U.S. pension risk transfer market size
LIMRA, the industry association whose survey is the standard market measure, reported the following for single-premium pension risk transfer sales in the United States:
| Measure (2024) | Value | Change vs. 2023 |
|---|---|---|
| Total single-premium PRT premium | $51.8 billion | +14% |
| Single-premium contracts sold | 794 (record high) | Up, new record |
| Buy-out contracts | 784 (record high) | +3% |
| Single-premium buy-out assets | $296.5 billion | +13% |
2024 came in less than 1 percent below the all-time record set in 2022, a year swollen by IBM's $16 billion transaction. The quarters tell the same story of a structurally hot market: first-quarter 2024 premium of $14.6 billion was the highest first quarter ever recorded, and third-quarter premium of $14.2 billion was up 36 percent year over year.
The landmark transactions
A handful of deals define the modern market. Each is documented on our company history pages with filings and coverage:
| Year | Company | Deal | Insurer |
|---|---|---|---|
| 2012 | General Motors | ~$26 billion salaried plan annuitization, one of the largest ever; included lump sum offers | Prudential |
| 2012 | Verizon | $7.5 billion management plan transfer covering ~41,000 retirees | Prudential |
| 2018 | FedEx | ~$6 billion covering ~41,000 retirees and beneficiaries | MetLife |
| 2019 | GE | Lump sum window offered to ~100,000 former employees alongside a freeze for ~20,000 workers | n/a (lump sums) |
| 2021-22 | Lockheed Martin | $4.9 billion and $4.3 billion group annuity purchases | Athene |
| 2022 | IBM | $16 billion covering ~100,000 participants, among the largest ever | Prudential, MetLife |
| 2023 | AT&T | ~$8 billion covering ~96,000 participants | Athene |
| 2024 | IBM | Additional $6 billion covering ~32,000 retirees | Prudential |
| 2024 | Verizon | Additional $5.9 billion transfer | Prudential, RGA |
How many Americans still have insured pensions
The PBGC, the federal agency that insures private-sector defined benefit plans, reported in its fiscal 2024 annual report:
| Program | Plans insured | Participants |
|---|---|---|
| Single-employer | ~23,000 | ~19.4 million |
| Multiemployer (union) | ~1,335 | ~11 million |
| Total | ~24,300 | ~30+ million |
Every risk transfer moves people out of this federally insured pool and into insurer-paid annuities backed by state guaranty associations instead. What that change of safety net means is covered in Is My Pension Safe?
How to use these numbers
- If you received an offer: you are part of a routine, industrial-scale program, not a special situation. The plan's math is standardized, which means our calculator and decision framework apply directly.
- If your pension was transferred: your benefit amount is unchanged; the guarantor changed. See the risk transfer explainer.
- If you are citing this page: the primary sources below are the authoritative datasets; we update figures as LIMRA and PBGC publish new ones.
Frequently asked questions
How big is the pension risk transfer market?
U.S. single-premium pension risk transfer premium was $51.8 billion in 2024, up 14 percent from 2023 and just under the 2022 record, across a record 794 contracts, according to LIMRA.
What was the largest pension risk transfer ever?
General Motors' roughly $26 billion salaried plan annuitization with Prudential in 2012 and IBM's $16 billion transfer to Prudential and MetLife in 2022 are the landmark mega-deals of the U.S. market.
How many people does the PBGC insure?
In fiscal 2024 the PBGC insured about 19.4 million participants in roughly 23,000 single-employer plans, plus about 11 million participants in multiemployer plans, over 30 million people in total.
Are pension buyouts increasing?
Yes. Contract counts hit record highs in both 2023 and 2024 per LIMRA, and the market has broadened from a few mega-deals to hundreds of mid-sized transactions per year.
Article sources
Our editorial standards require primary sources: government publications, regulator data, company filings, and established industry research.
- 1.LIMRA: U.S. Single-Premium Pension Risk Transfer Sales Leap 14% to $51.8 Billion in 2024
- 2.LIMRA: U.S. PRT Sales Post Record-High First Quarter (2024)
- 3.LIMRA: U.S. Single-Premium PRT Sales Soar 36% to $14.2 Billion in Q3 2024
- 4.PBGC: FY 2024 Annual Report
- 5.AT&T SEC Form 8-K disclosing the Athene group annuity purchase (2023)
- 6.PLANSPONSOR: IBM completes $16 billion pension risk transfer (2022)
Related reading
- What Is a Pension Buyout? Definition, Types, and How They Work
A pension buyout is an offer to exchange future monthly pension checks for a one-time lump sum, or a deal that moves your pension to an insurance company. Here is exactly how both kinds work.
- Pension Risk Transfer: What It Means When an Insurer Takes Over Your Pension
What a pension risk transfer means for retirees: why employers hand pensions to insurance companies, what changes for your check, and what happens to PBGC protection.
- Is My Pension Safe? PBGC and State Guaranty Protection Explained
Who stands behind your pension check: what the PBGC insures, what it does not, and what protects you after a pension moves to an insurance company.
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