The 5th Circuit Court of Appeals has upheld a lower court that ruled for Verizon Communications Inc. in a case that called into the question the legality of pension annuity buyouts.
The case, Lee v. Verizon, stems from a 2012 pension buyout, which moved $7.5 billion in pension liabilities, or about a quarter of all the communication giant’s obligations, to Prudential Insurance Co.
The annuity purchase affected 41,000 participants in Verizon’s defined benefit plan who had been receiving retirement benefits before January 2010.
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