Timber operators council retirement plan entrusts prudential to fulfill $245 million in pension promises to 3,000 retirees and deferred participants

Newark, n.j.--(business wire)---- $pru--prudential financial, inc. (nyse: pru) today announced a pension risk transfer transaction, by which timber operators council retirement plan (“tocrp”) settled approximately $245 million of its pension plan obligations, for approximately 3,000 retirees, beneficiaries and deferred participants, through the purchase of a group annuity contract from the prudential insurance company of america (pica). pica is expected to assume responsibility for paying these benefits
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