NEWARK, N.J.--(BUSINESS WIRE)--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 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 http://www.news.prudential.com/.