NEWARK, N.J., Jan. 10, 2017 - Nassau County has recommitted to Prudential Retirement as recordkeeper for its 457 Deferred Compensation Retirement Plan, which has approximately 9,800 participants and $1.3 billion in assets. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU).
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Nassau County, N.Y., began its partnership with Prudential Retirement in 2010 and the new contract became effective Jan. 1, 2017.
Underscoring a commitment to the public sector
“Our renewed engagement with Nassau County underscores our years of expertise in the public market and demonstrates the confidence the sector has in us as a trusted partner,” said Harry Dalessio, head of Sales and Strategic Relationships for Prudential Retirement. “The marketplace for governmental retirement plans is highly competitive, which is why our focus has been on making ongoing investments in technology and innovation to ensure our service model and participant education program are designed to meet the needs of the employees of the future.”
Prudential Retirement provides retirement plan solutions for 215 plans in the governmental market, of which 105 have been served by Prudential for more than 15 years.
Notably, Prudential’s partnership with Nassau County has delivered impressive outcomes since 2010, which include a 53 percent increase in plan assets, 22 percent increase in average deferral rates and a 50 percent increase in average account balances.
Participants in the Nassau County plan have access to an online engagement hub focused on delivering education and financial wellness. Some features within the hub include an emergency withdrawal tracker and contribution comparison “social norming” feature. The participants also receive ongoing communication and custom materials via a web portal and have the opportunity to work with a team of four dedicated on-site retirement counselors for daily individual or group meetings to help them better prepare for retirement and optimize their plan’s features.
“The board conducted a competitive process and awarded the contract to Prudential,” said Steven Conkling, chair of the Nassau County Deferred Compensation Board. “This partnership gives our county employees continued access to the educational tools and resources and one-on-one interaction with retirement counselors that has proven to be tremendously valuable in helping them prepare for their financial future.”
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 4.1 million participants and annuitants. Prudential Retirement has $386.7 billion in retirement account values as of Sept. 30, 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 www.news.prudential.com.