Motorola Solutions announced that it will offload the pension obligations of approximately 30,000 retirees.
Prudential Insurance Company will assume the responsibility of managing the communication company’s retiree defined benefit pension assets and disbursing monthly payments.
The group annuity contract with Prudential is the third largest transaction of its kind. In a statement, Motorola said it expects to reduce its ongoing pension obligations by $4.2 billion.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
