PSEG closes $1B pension annuity transfer to Prudential, covering 2,000 retirees

PUBLIC SERVICE ENTERPRISE GROUP INC

Transaction closed on August 7, 2023, transferring ~$1B of pension obligations and assets.
Approximately 2,000 retirees from PSEG Power & Other are affected by the group annuity contract.
The nonparticipating single premium group annuity contract is with The Prudential Insurance Company of America.
This pension de-risking move reduces PSEG's future defined benefit pension liabilities.

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