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Prudential taking $775M in pension obligations from United Technologies

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Prudential taking $775M in pension obligations from United Technologies

IT systems company United Technologies Corp. is transferring about $775 million of its pension benefit obligations to Prudential Insurance Co. of America.

The transaction is slated to close Oct. 12, when United Technologies buys a group annuity contract from Prudential. The insurer was selected after a "competitive" bidding process for the obligations, according to the company.

About 36,000 retirees and their beneficiaries are covered by the obligations. Prudential already administers benefit payments for the company's retirees.

Prudential Insurance Co. of America is a unit of Prudential Financial Inc.