The Hartford signs agreement with Prudential to help secure $1.6 billion in pension obligations
The Hartford and The Prudential Insurance Company of America (Prudential) have signed an agreement that will allow The Hartford to reduce its long-term pension obligations. Subject to the closing of this agreement on June 30, 2017, The Hartford will purchase a group annuity contract from Prudential to transfer approximately $1.6 billion of the company’s $5.6 billion in pension liabilities. Prudential will assume financial responsibility for making the monthly payments as provided in the annuity contract beginning on November 1, 2017.
"We are proud that a well-respected peer company has recognized the strength and stability of Prudential by selecting us to provide retirement security to 16,000 of their former employees," said Peggy McDonald, the senior vice president who led negotiations for Prudential. "We welcome these annuitants and are committed to providing them with a seamless transition to Prudential."