Tag: Annuities

Prudential and International Paper Enter PRT Transaction

The Prudential Insurance Company of America has agreed to provide a group annuity contract and take on approximately $1.3 billion in pension liabilities from International Paper, focusing on vested employees with smaller monthly benefits. 

Annuity Contract Termination ERISA Challenge Will Proceed

The plaintiff alleges that the contract’s cancellation was not made with his and the other beneficiaries’ interests in mind, but rather to improve the parent/subsidiary companies’ financial positions and to make them a more attractive target for potential buyers.