Google News is bumping up this article today, treating it as new:
https://timesofindia.indiatimes.com/technology/tech-news/why-ibm-is-paying-2-7-billion-to-this-us-based-insurance-company/articleshow/113293274.cms
2 replies (most recent on top)
I will be careful about any news that comes from that source:
timesofindia
Prudential has assumed all the obligations of the pension. They have been around 100 + years. They pay into the Pension Benefit Guaranty Corporation (PBGC) which would honor only a minimum amount if Prudential went bust. Example: Continental airlines. Some pilots who thought they would get their $100k + per year pension, received the maximum: $42.5K (at that time). Today that amount is $81,000. But understand: a person with a $140K pension might get the $81,000, but a person with a $80K pension might get $35K. It's tiered and depends on what is left of the funds.