Verizon to transfer $7.5 bln pension obligations to Prudential
Oct 17 (Reuters) - Verizon Communications Inc said it had agreed that its management pension plan would transfer assets to Prudential Insurance Co. to settle around $7.5 billion of the company's nearly $30 billion outstanding pension obligations.
The transaction affects U.S. management pension benefits covering about 41,000 current management retirees, Verizon said in a statement.
Prudential said Verizon's management pension plan was purchasing a group annuity contract to cover the obligations.
- Tweet this
- Share this
- Digg this