This excerpt taken from the VZ 10-Q filed Oct 28, 2008.
Pension Settlement Charges
During the third quarter of 2008, we recorded pension settlement losses of $89 million ($54 million after-tax) related to employees that received lump-sum distributions primarily resulting from our separation plans. These charges were recorded in accordance with SFAS No. 88, Employers Accounting for Settlements and Curtailments of Defined Benefit Pension Plans and for Termination Benefits, which requires that settlement losses be recorded once prescribed payment thresholds have been reached.