In an interview at AFP 2018, David Montgomery, CTP, Head of Treasury and Insurance for Covestro, discusses handling pension and benefit responsibilities after a spinoff. In 2015, Bayer spun off its $12.3 billion-dollar material science division to form Covestro, and the pension plans for affected employees had to be separated. Covestro's new treasury team was responsible for overseeing that separation. To aid in the process, treasury ended up hiring a 3(38)-discretionary investment manager.
AFP 2019 will feature more sessions like this in the Retirement Plans & Benefits track. Register here