Verizon and General Motors Annuitize Defined Benefit Obligations

Verizon Communications Inc. plans to transfer pension assets to The Prudential Insurance Company of America by the end of 2012 as part of its goal to "de-risk" its pension plan. Pension payments for approximately $7.5 billion owed under The Verizon Management Pension Plan, which covers almost 41,000 current management retirees, will be fulfilled by Prudential under the agreement announced in October. Verizon has a total of $30 billion in outstanding pension obligations. The plan does not affect current management employees, former management employees who retired on or after Jan. 1, 2010, and certain other retirees (some of whom may have been formerly employed by MCI). Past and present union-represented employees are also not subject to the agreement.

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