Prudential Financial’s business unit, Prudential Retirement, has completed its first pension buy-in transaction in the U.S. Hickory Springs Manufacturing has entered a $75 million pension risk transfer deal with Prudential Retirement.

Prudential’s Portfolio Protected Buy-in is a single premium, separate account solution that helps plan sponsors meet their pension obligations and create retirement security. The product, issued by Prudential Insurance Company of America, is specifically designed for defined benefit plan sponsors, who seek to transfer risk while preserving plan funded status.

Click here for the release from Business Wire.