Debevoise & Plimpton LLP is advising The Prudential Insurance Company of America, a Prudential Financial, Inc. company, on an agreement with J.C. Penney Company (“JCPenney”) to settle a substantial portion of JCPenney’s retiree pension benefit obligations through a group annuity purchase. The transaction, combined with a JCPenney lump sum payment offering which concluded in September, is expected by JCPenney to reduce its pension liabilities by 25 to 35%.

Prudential Financial, Inc, a financial services leader, has operations in the United States, Asia, Europe and Latin America. The company is committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.

The Debevoise team is led by partner Alexander R. Cochran and includes partner Jonathan F. Lewis and associates Angela W. Lee, Matthew B. Parelman, Rebecca J. Sayles and Emily Zand.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.