AT&T transfers ~$8.05B pension obligations to Athene via group annuity contract

AT&T INC.

Agreement with Athene subsidiaries effective April 26, 2023; covers certain retirees and beneficiaries.
Purchase of nonparticipating single premium group annuity contracts for ~$8.05B of defined benefit obligations.
Transaction does not alter financial or operational guidance from April 20, 2023 earnings call.
Reduces AT&T's pension plan liability and future benefit payment risk.
Plan's independent fiduciary (State Street Global Advisors) also party to commitment.

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