Phil Waldeck is president of Prudential Retirement, a leading provider of defined contribution, defined benefit, nonqualified deferred compensation plan administration, and institutional investment and risk management services with account values at $478 billion as of June 30, 2019. Prudential Retirement is a business unit of Prudential Financial, Inc.
Waldeck leads Prudential Retirement as it aims to transform the retirement landscape with progressive and responsive solutions for public, private and nonprofit organizations, as well as products and services to make long-term financial security a reality for millions of individuals. The business holds top-tier market positions in defined contribution recordkeeping and administration, stable value investing, guaranteed lifetime income solutions for DC plans, and pension risk transfer and longevity reinsurance strategies.
Prior to his current role, Waldeck was the architect of the Pension Risk Transfer business within the financial services industry and led two of the landmark pension buy-outs in the U.S. with General Motors ($25 billion) and Verizon ($8 billion), as well as the nation’s first pension buy-in with Hickory Springs. Additionally, Waldeck’s team executed the breakthrough $28 billion reinsurance transaction covering longevity risk from the British Telecom Pension Scheme (Plan), as well as international longevity reinsurance transactions with U.K. insurers that cover pensions from Rolls Royce, British Airways and more than 100 other U.K. pension plans.
Waldeck previously led Prudential Retirement’s Products & Advisory Services businesses. Before joining Prudential, he served as a senior vice president in CIGNA’s retirement business.
Waldeck earned a bachelor’s degree, magna cum laude, from Tufts University and an MBA from the University of Michigan. He serves as the chair of the Prudential Retirement Insurance and Annuity Company Board of Directors, as a Trustee for the Employee Benefit Research Institute and on the Advisory Board for Aspen Institute Retirement Security Forum.