Verizon dials up annuities to transfer $5.9 billion in pension liabilities
https://www.pionline.com/pension-risk-transfer/verizon-transfer-59-billion-pension-liabilities
Verizon Communications Inc., New York, purchased group annuity contracts from Prudential Insurance Co. of America and RGA Reinsurance to transfer about $5.9 billion in pension plan liabilities.
The transactions, which closed March 6, will transfer the responsibility of paying benefits to about 56,000 retirees to the two insurance companies, Verizon announced in an 8-K filing with the SEC.
The transaction affects those retirees in the Verizon Management Pension Plan and Verizon Pension Plan for Associates who retired before Jan. 1, 2023. Prior to the closing date of the transactions, Verizon contributed $365 million to the plans.