Prudential completes pension transfer agreement with General Motors Co.

Prudential completes pension transfer agreement with General Motors Co.

NEWARK, N.J.--(BUSINESS WIRE)-- The Prudential Insurance Company of America, a Prudential Financial, Inc. company (NYS: PRU) , today announced the completion of the transfer of retiree pension benefit obligations for approximately 110,000 salaried General Motors salaried retirees to Prudential. Under the terms of the agreement, Prudential has received approximately $25 billion in premium from the General Motors Retirement Program for Salaried Employees for the purchase of a group annuity contract. Effective January 1, 2013, Prudential will begin administering payments to these retirees.

"We are delighted to have completed this landmark pension transfer agreement with General Motors and welcome the GM retirees who will now receive annuity payments from Prudential," said Christine Marcks, president of Prudential Retirement. "We look forward to fulfilling the promise of guaranteed lifetime income to these retirees, as we have done for the millions of Americans whose pensions we have paid since 1928."

Prudential Financial, Inc. (NYS: PRU) , a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit

Prudential Financial, Inc.
Dawn Kelly, 973-802-7134

KEYWORDS:   United States  North America  New Jersey


The article Prudential completes pension transfer agreement with General Motors Co. originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.