Prudential completes pension risk transfer transaction with Verizon
NEWARK, N.J. -- December 10, 2012
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
“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 these retirees.”
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
Prudential Financial, Inc.
Dawn Kelly, 973-802-7134
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