05:35 AM EST, 03/07/2024 (MT Newswires) -- Prudential Financial ( PRU ) and Reinsurance Group of America ( RGA ) said late Wednesday they have entered a pension risk transfer deal that will settle about $5.9 billion of Verizon Communications ( VZ ) pension liabilities.

The deal will provide retirement benefits to a group of people including 56,000 Verizon retirees and their beneficiaries who began receiving their benefits before Jan. 1, 2023.

Prudential and Reinsurance Group will each guarantee and assume 50% of the obligation to the retirees, except in specific jurisdictions where Prudential will guarantee and assume 100% of obligations, the companies said.