Motorola Solutions is incorporating a new group annuity and lump sum payment plan into the makeup of its traditional defined benefit plan that will help the communications company shave $4.2 billion in growing liabilities and benefit payments off its balance sheet.
According to the agreement, the Prudential Insurance Company of America will assume responsibility for monthly pension payments to retirees. This will be achieved by shifting about $3.1 billion of liabilities, as well as 30,000 retirees to a group annuity plan being purchased by the Motorola Solutions Pension Plan.
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