October 1, 2014
Pharma giant taps Prudential to settle $1.4B pension obligation
Bristol-Myers Squibb said it has agreed to purchase group annuity contracts from Prudential Insurance Co. of America to settle the pharmaceutical maker’s $1.4 billion in pension obligations to approximately 8,000 recent retirees.
Prudential, which is headquartered in New Jersey and has its Retirement Insurance and Annuity Co. in Hartford, said the transaction reduces BMS’s financial risk.
There will be no change to the monthly benefit payments to the retirees and their beneficiaries, the companies said.
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