Retirement services provider chosen to administer plans totaling $69 million in assets
NEWARK, N.J., December 16, 2015 - Prudential Retirement announced today that it will administer the City of Shelton, Connecticut’s 401(k) and deferred compensation plans and Interfaith Medical Center’s defined contribution plan. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU).
The City of Shelton has 427 participants in its 401(k) plan with $33 million in assets and 27 participants in its deferred compensation plan with $2 million in assets.
“The core of our business is around our ability to help individuals achieve long-term financial security,” says Harry Dalessio, senior vice president, Sales & Strategic Relationships, Prudential Retirement. “As we welcome the City of Shelton and Interfaith Medical Center on board as new plan sponsor clients, we look forward to providing their participants with a holistic customer experience that not only centers on our recordkeeping platform, but also on our participant engagement and education capabilities.”
John DiMatteo, CFP®, AIF® of DiMatteo Financial Group, located in Shelton, CT, is the advisor to the plans.
“One of the main motives we had for selecting Prudential as our recordkeeper was their approach to participant engagement and education,” says Paul Hiller, chief financial officer of The City of Shelton. “We are confident that by leveraging their participant engagement and education tools, we’ll be able to better engage our employees in the plan and help them to increase their retirement contributions.”
Interfaith Medical Center has 876 participants in its defined contribution plan with $34 million in assets. Westminster Consulting, LLC is the advisor to the plan. Based in Brooklyn, NY, Interfaith Medical Center is a not-for-profit community and teaching hospital dedicated to providing quality healthcare to the residents of Bedford Stuyvesant, Crown Heights and surrounding Brooklyn communities. Interfaith offers a wide range of ambulatory and inpatient programs and services, and educates its community to achieve optimal health outcomes and quality of life.
“We are pleased to partner with Prudential and look forward to helping our employees better plan for retirement and providing them with the educational tools they need to achieve their individual goals,” says Francesca Tinti, senior vice president, Human Resources at Interfaith Medical Center.
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/.