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Retirement Plans

AT&T’s acquisition of Time Warner would combine $94 billion in retirement assets

Time Warner Inc.’s Adult Swim brand television series "Rick and Morty’

A federal judge approved AT&T Inc.'s acquisition of Time Warner Inc. Tuesday, potentially creating a combined company with about $94 billion in retirement plan assets.

The deal is expected to close by June 20.

As of Dec. 31, Dallas-based AT&T's defined benefit plan assets totaled $45.5 billion, while New York-based Time Warner's DB plan assets totaled $3 billion, according to the companies' most recent 10-K filings.

As of Dec. 31, 2016, AT&T's defined contribution plan assets totaled about $40.8 billion, according to the company's most recent Form 5500 filings. As of Dec. 31, 2017, Time Warner's DC assets totaled $4.7 billion, according to the company's most recent 11-K.

The asset allocation for AT&T's DB plans at the end of 2017 was 41% fixed income, 23% domestic equities, 16% international equities, and 10% each real assets and private equity. The asset allocation for Time Warner's DB plans at the end of 2017 was roughly 60% fixed income and 40% growth assets, which consisted primarily of equities.

Fidelity Investments is the record keeper for AT&T and Time Warner's DC plans.

A Time Warner spokesman did not have further information on how the retirement plans would be affected by the deal. An AT&T spokesman could not be reached for additional information by press time.