NEWARK, N.J., Feb. 28, 2017 - Three organizations, including two nonprofits, have recently hired Prudential Retirement to administer their defined contribution plans, the company announced today. Prudential Retirement, among the industry’s largest recordkeepers, is a business unit of Prudential Financial, Inc. (NYSE:PRU).
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“In a market that is becoming increasingly competitive, these latest client wins demonstrate the continued demand for retirement plan providers that invest in technologies and enhancements that increase participant engagement,” said Harry Dalessio, senior vice president and head of Sales & Strategic Relationships. “We’re pleased to partner with each of these clients to support their efforts to improve their employees’ retirement outcomes.”
Prudential Retirement will oversee a total of $132 million in defined contribution assets across the three plans. The three new clients include:
- The Leukemia & Lymphoma Society is the world’s largest voluntary health agency dedicated to blood cancer. Founded in 1949 and headquartered in Rye Brook, N.Y., the nonprofit has chapters throughout the United States and Canada. The Leukemia & Lymphoma Society has 1,150 participants in its 403b, 457b and 457f plans, totaling $70 million assets. Robert Palmeri of RVK, Inc. advises the plans.
“We’re passionate about the work we do each day to cure leukemia and improve the quality of life of patients and their families,” said JR Miller, senior vice president, finance at Leukemia & Lymphoma Society. “We are also passionate about ensuring our employees can come to work every day and know that we are also invested in helping them achieve financial security through a workplace retirement plan.”
- Keystone Human Services is a nonprofit organization that provides comprehensive community-based services for children, adolescents, adults, and families in the areas of intellectual disabilities, autism, mental health, early intervention, and children and family services. Keystone has just under 3,300 participants in its retirement plan with $30 million in assets. Jay Laschinger, senior vice president of Alliant Retirement Consulting, advises the plan.
“With their 90 years’ experience and wealth of on-line tools, Prudential was selected to help Keystone recruit and retain employees and to assist our employees in achieving their retirement goals,” said Jennifer Allison, vice president of Human Resources for Keystone Human Services.
- Brouse McDowell is a full-service law firm based in Ohio. The firm has 166 participants in its retirement plan with $32 million in assets. CAPTRUST Advisors advises the plan.
“We were impressed by Prudential because it was clear that they had done their homework. They understand our industry and have client experience working with law firms to help them better prepare their employees for retirement,” said Marc Merklin, managing partner at Brouse McDowell.
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation recordkeeping, 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 more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.2 million participants and annuitants. Prudential Retirement has $386.2 billion in retirement account values as of Dec. 31, 2016. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Conn., or its affiliates.
About Prudential Financial, Inc.
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/.