NEW YORK (AP) — Verizon retirees have sued the phone company because it's planning to transfer the responsibility of paying their pensions to an insurance company, where they will have weaker legal protection.
Verizon Communications Inc. said last month that it would transfer $7.5 billion of its pension obligations, covering 41,000 management retirees, to Prudential Insurance. The deal effectively turns the company's defined-benefit pensions into annuities.
Members of the Association of BellTel Retirees sued in federal court in Dallas on Tuesday. They're seeking a court order to halt the deal, which is set to close in December.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
