Leading hospitality, entertainment company picks Prudential to help drive retirement outcomes
NEWARK, N.J., August 07, 2012 - Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), today announced it will serve as recordkeeper for Las Vegas-based MGM Resorts International’s 401(k) plan.
“Prudential Retirement is pleased MGM Resorts selected us to recordkeep its 401(k) savings plan and we look forward to serving MGM Resorts’ plan participants,” said George Castineiras, senior vice president, Total Retirement Solutions, Prudential Retirement. “Through our open architecture platform which provides a broad range of fund choices and educational materials, we look forward to helping plan participants achieve superior retirement outcomes.”
The plan has roughly 24,500 participants and approximately $858 million in assets, which were transferred to Prudential in the second quarter of 2012.
“We selected Prudential Retirement as our plan’s recordkeeper because of Prudential’s demonstrated results that drive successful participant outcomes, its low expenses, strong performance and excellent communications program,” said MGM Resorts Executive Director of Benefits, Cindy Moehring.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $244.8 billion in retirement account values as of June 30, 2012. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are 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. For more information, please visit http://www.news.prudential.com/