Visteon agrees to transfer certain U.S. pension assets to Prudential Visteon (VC) announced that it has entered into an agreement to transfer certain U.S. pension assets to Prudential Insurance Company of America, a subsidiary of Prudential (PRU), to settle approximately $350M of Visteon's $1.1B in outstanding U.S. pension obligations. Under the agreement, the Visteon Pension Plan will purchase a group annuity contract from Prudential, which will then assume the obligation to make future annuity payments to certain Visteon hourly retirees. The pension transfer will not change the amount of the monthly pension benefit received by affected retirees and surviving beneficiaries. The group annuity contract includes an irrevocable commitment by Prudential to make annuity payments to affected retirees covered under the contract.
News For VC;PRU From The Last 14 Days
Check below for free stories on VC;PRU the last two weeks.