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Verizon Transfers $7.5 Bln of Pension Obligations
Prudential takes responsibility for making future payments to some company retirees.
Verizon Communications Inc. is transferring about $7.5 billion in pension obligations, or one-fourth of the total, to Prudential Financial Inc. in a drive to remove risk from its balance sheet.
Prudential, the second-largest U.S. life insurer, will take on responsibility for making future annuity payments to certain management retirees of the New York-based telephone company, Verizon said yesterday in a statement.
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