Verizon (VZ) is transferring $7.5B of the $30B in obligations held by its management pension...

|About: Verizon Communications (VZ)|By:, SA News Editor

Verizon (VZ) is transferring $7.5B of the $30B in obligations held by its management pension plan to Prudential (PRU), a move that affects ~41K retirees. Verizon's pension plan will buy a group annuity contract from Prudential, which will then make future annuity payments to retirees. Big Red says the move furthers its efforts to de-risk its pension plan. (PR)