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2012-10-18 — bloomberg.com
Verizon Communications Inc. (VZ) is transferring about $7.5 billion in pension obligations, or one- fourth of the total, to Prudential Financial Inc. (PRU) in a drive to remove risk from its balance sheet.
Prudential, the second-largest U.S. life insurer, will take on responsibility for making future annuity payments to certain management retirees of the New York-based telephone company, Verizon said yesterday in a statement.
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