Prudential Financial Inc : Prudential completes pension risk transfer transaction with Verizon
12/10/2012| 09:30am US/Eastern
The Prudential Insurance Company of America, a Prudential Financial,
Inc. company (NYSE:PRU), today announced that the Verizon Management
Pension Plan has purchased a single premium group annuity contract from
Prudential Insurance to settle approximately $7.5 billion of pension
liabilities of the Plan. Under the terms of the contract, Prudential
Insurance has irrevocably assumed the obligation, beginning January 1,
2013, to make future annuity payments to approximately 41,000 members of
the Verizon Management Pension Plan.
"We welcome the Verizon retirees who will now receive annuity payments
from Prudential," said Christine Marcks, president of Prudential
Retirement. "Prudential is focused on helping people achieve retirement
security, and we look forward to providing guaranteed lifetime income to
Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has
operations in the United States, Asia, Europe, and Latin America.
Prudential's diverse and talented employees are committed to helping
individual and institutional customers grow and protect their wealth
through a variety of products and services, including life insurance,
annuities, retirement-related services, mutual funds and investment
management. In the U.S., Prudential's iconic Rock symbol has stood for
strength, stability, expertise and innovation for more than a century.
For more information, please visit http://www.news.prudential.com/.
Prudential Financial, Inc.
Dawn Kelly, 973-802-7134
© Business Wire 2012