News Summary: Verizon retirees sue in pension case
Published: November 29, 2012
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LAWSUIT: Verizon retirees are suing the phone company because it's planning to transfer the responsibility of paying their pensions to an insurance company.
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THE PLANS: Verizon Communications Inc. said last month that it would transfer $7.5 billion of its pension obligations, covering 41,000 management retirees, to Prudential Insurance. Verizon says the deal lowers the risk that its pension obligations will end up costing more than projected.
THE COMPLAINT: Members of the Association of BellTel Retirees worry that the move will give them weaker legal protections.
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