Two Verizon Communications Inc. retirees asked a U.S. judge to prevent the company from selling a pension plan covering them and about 41,000 others to the Prudential Insurance Co. of America for $7.5 billion.
The transaction, which would convert the plan into an annuity, will deprive the retirees of federal pension protections, the plaintiffs said yesterday in filings in federal court in Dallas. The retirees, both of whom worked for a Verizon predecessor, are seeking a temporary restraining order on behalf of themselves and their fellow management retirees.
Without an order blocking the deal, the retirees will "suffer irreparable harm," in the form of immediate loss of protections under the federal Employee Retirement Income Security Act, they said.
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