Retirement provider chosen to administer plans totaling $146 million in assets
NEWARK, N.J., November 11, 2015 - Prudential Retirement announced today that it has added three new plan sponsor clients: Vopak North America, Inc., Overseas Military Sales Corporation and Texas Property and Casualty Insurance Guaranty Association (TPCIGA). Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU).
“We are pleased that these three companies with very different needs have entrusted us with helping their plan participants reach their retirement goals,” says Harry Dalessio, senior vice president, Sales and Strategic Relationships, Prudential Retirement. “These latest wins are proof points of our ability to provide total retirement solutions for both defined benefit and defined contribution plans and demonstrate that our solutions are resonating with plan sponsors and advisors in the marketplace.”
Vopak North America Inc.'s defined contribution plan has $36 million in assets and services 378 participants. The company also has a defined benefit plan with $80 million in assets. Prudential Retirement is the new recordkeeper for both of Vopak’s plans and is also providing actuarial services. Walter Zelop and Dianne Betts of Raymond James & Associates Inc. are the advisors to the plans.
Vopak North America Inc. is a subsidiary of Royal Vopak, the world's largest independent liquid bulk tank storage service provider by capacity, specialized in the storage and handling of oil products, liquid chemicals and gases. As of August 21, 2015, the company operates 72 terminals in 26 countries.
“We are excited to collaborate with Prudential as we seek new ways to support our employees on their path toward a more secure retirement,” says Kyle Zandy, Director of Human Resources at Vopak North America.
"Employees will benefit by having access to both their defined contribution and defined benefit plans via one website."
Overseas Military Sales Corporation has 169 participants in its defined contribution plan with $21 million in assets. The company, through its Military Car Program provides new, U.S. specification automobiles to active duty military, civilian, DOD employees and the diplomatic community stationed outside the United States. The advisor of the plan is William, M. Peragine III of Wells Fargo Advisors.
“Prudential’s understanding of our needs and their approach to plan design made them a natural fit for us, as we continually work to provide our employees with a plan that produces optimal retirement outcomes,” says Lori Barnett, human resource manager at Overseas Military Sales Corporation.
TPCIGA has 49 plan participants in its defined contribution plan with $9 million in assets. It is a non-profit, unincorporated association of all Texas-licensed property and casualty insurers. The association was created by the Texas legislature to provide protections to Texas insurance policyholders and claimants when an insurance company fails. Thomas Oley Jr. of Comerica Securities, Inc. is the advisor to the plan.
“As we look for new ways to improve our employee benefits offerings and maximize benefit spend, partnering with Prudential to optimize our defined contribution plan is a step in the right direction,” says Brent Jones, chief financial officer, Texas Property & Casualty Insurance Guaranty Association. “We look forward to working with Prudential to help improve retirement security for our participants.”
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services.
With over 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.0 million participants and annuitants. Prudential Retirement has $366.2 billion in retirement account values as of Sept. 30, 2015.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates. PRIAC is a Prudential Financial company.
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/.