March 06, 2018

American workers' financial security a job for employers, survey says

More than family, higher education or even government, American workers expect their employers to help them achieve financial security, a new Prudential survey reveals.

February 26, 2018

Prudential: Financial wellness during ‘America Saves Week’ and year-round benefits employers and employees

NEWARK, N.J., February 26, 2018 - In recognition of America Saves Week and Military Saves Week (Feb. 26 through March 3), Prudential Financial, Inc. ( NYSE:PRU ) is calling on employers to adopt a benefits program with financial wellness at its core to help improve financial security for American workers.

February 22, 2018

IBERIABANK selects Prudential Retirement as new provider for $135M retirement plans

NEWARK, N.J., February 22, 2018 - IBERIABANK Corp., a financial holding company headquartered in Lafayette, Louisiana, hired Prudential Retirement to serve as the retirement services provider for its 401(k) and non-qualified deferred compensation plans. Prudential Retirement, among the industry’s largest recordkeepers and a leader in providing non-qualified deferred compensation plans, is a business unit of Prudential Financial, Inc. (NYSE: PRU).

January 10, 2018

How Prudential handles a 60 percent increase in customer calls on the busiest day of the year

It’s 7:55 a.m. on a Tuesday in January at Prudential Retirement’s call center near Scranton, Pennsylvania, and the 125 or so employees in the office are in anxious anticipation. In five minutes, they and their colleagues in Dubuque, Iowa; El Paso, Texas; and the Philippines will begin the busiest day of the year, answering questions from more than 17,000 clients over the course of a 13-hour day.

January 09, 2018

Smart savings can reduce retirement financial risk, up 19 percentage points in 30 years

Half of Americans won’t be able to maintain their standard of living after retirement, according to the most recently compiled National Retirement Risk Index. Fortunately, they can take steps to avert a cash-strapped future.

December 26, 2017
U.S. News & World Report

How to Save for Retirement in the Gig Economy

The freedom and flexibility that independent contracting affords make it attractive to millennials, but older generations are also taking notice. The typical gig worker, according to a Prudential white paper, is in his late 40s while the average age for the traditional full-time worker is 43. The primary motivator for joining the gig economy is overwhelmingly financial; 44 percent of gig workers included in the report said they pursued gig work to pay the bills. Older workers were more likely to gravitate toward such work for purely financial reasons.

December 21, 2017

Prudential, Legal & General reach sixth longevity reinsurance agreement

Prudential Retirement and Legal & General Group plc concluded their sixth longevity reinsurance agreement since 2014.

December 10, 2017

American workers trust life insurers for financial security, survey says

What keeps American workers awake at night? For one in three, it’s the fear of losing a loved one.

This finding, among several insights from the American Workers Surveycould be why 87 percent of respondents say life insurance is important, and why two in three have coverage.

November 09, 2017

Prudential, PIC Reach $1.2 Billion Longevity Reinsurance Agreement

NEWARK, N.J., Nov. 09, 2017 - Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE:PRU), and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction since 2015. In the agreement, The Prudential Insurance Company of America assumes the longevity risk for $1.2 billion (about £900 million) in pension liabilities, covering approximately 4,000 pensioners across four pension schemes.

October 26, 2017

Aging populations, low birthrates require retirement solutions

Each year, key executives from Prudential Retirement gather with policy makers, business leaders, and researchers from across the globe for the annual International Longevity Risk and Markets Solutions Conference to address aging trends and the global challenge of creating retirement security. Offering insights into how we grapple with this demographic shift were Dylan Tyson, the Chief Executive for Prudential of Taiwan, and Amy Kessler, Prudential’s head of Longevity Risk Transfer.

October 25, 2017

CEO John Strangfeld talks retirement security with Fox Business reporter Maria Bartiromo in Saudi Arabia

Chairman and CEO John Strangfeld joined some of the biggest names in investing at the Future Investment Initiative conference in Saudi Arabia this week. Prior to his panel appearance, Strangfeld was interviewed live by Maria Bartiromo for her “Mornings with Maria” segment on Fox Business. Bartiromo covered a range of topics, from the prospects for tax reform in the United States to the recent debate in Washington, D.C., about potential changes to limits on 401(k) contributions.

October 02, 2017

Prudential Entrusted with Pension Promises to Approximately 45,000 International Paper Retirees

NEWARK, N.J., Oct. 02, 2017 - International Paper (NYSE:IP) will settle approximately $1.3 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America (NYSE: PRU), a leader in retirement benefits. The agreement transfers to Prudential the responsibility for paying pension benefits to roughly 45,000 of International Paper’s retirees and their beneficiaries.

September 22, 2017

For Asia’s rapidly aging populations, innovation and forward-thinking policies drive retirement security

TAIPEI, Taiwan, September 22, 2017 - The quickening pace of aging in Asia – a region with more than half the world’s population over 60 – has urgent implications for the region’s families, retirees, pensions and policy makers.

September 14, 2017

MMC UK Pension Fund, advised by Mercer, selects Prudential and Canada Life Reinsurance to reinsure the longevity risk of £3.4 Billion ($4.3 billion) in pension liabilities

The Trustee of the MMC UK Pension Fund (the “Fund”) has announced the largest longevity risk transfer for a UK pension fund since 2014. The transaction, which reinsures the longevity risk of £3.4 billion ($4.3 billion) in pension liabilities, will provide long-term protection and income to the Fund in the event that the covered participants live longer than expected. It also lowers the risk that Marsh & McLennan Companies will face unexpected pension contributions due to an increase in pensioner life expectancy.

September 01, 2017

Choosing the same “walkway” key to couples’ retirement success

The decision to retire and enter a new, unfamiliar stage in life can be a challenge for anyone who has spent decades in the workplace. But including a spouse or partner in the equation—whether he or she is ready to retire—adds another layer of complexity.

August 30, 2017

Gig economy may threaten financial wellness of contract workers, Prudential survey shows

NEWARK, N.J., Aug. 30, 2017 - The gig economy — the increasingly popular employment model where people work as independent contractors rather than employees of companies — has a destabilizing effect on personal financial security, a Prudential Financial, Inc. (NYSE: PRU) survey shows.

August 25, 2017

Hardship withdrawals peak in August, operations data analysis reveals

In her 29-year career at Prudential Financial, Inc., Sue Unvarsky has learned the retirement business inside and out—Yet even she was surprised to discover how an internal analysis of transactional volumes revealed a cyclical threat to her customers’ financial futures.

August 15, 2017

Finance chiefs’ pension risk transfer motivations revealed in new research

NEWARK, N.J., Aug. 15, 2017 - The increasing costs and volatility of managing defined benefit pension plans have long been at the center of the motivations for transferring a company’s pension risk to an insurer. But which costs and what kinds of volatility are finance chiefs most concerned about? A new survey involving 80 senior finance executives at companies with traditional pensions sheds light on the motivations behind pension risk transfer decisions in the executive suite. 

July 24, 2017

Prudential Retirement names new leaders to oversee Full Service and Sales

NEWARK, N.J., July 24, 2017 - Prudential Retirement has named Harry Dalessio head of its Full Service Solutions group, which provides defined contribution, defined benefit and non-qualified retirement plan solutions to public, private and nonprofit organizations.
July 20, 2017

Prudential places customers at its structural core; announces new leadership architecture for U.S. businesses

NEWARK, N.J., July 20, 2017 - Prudential Financial, Inc. (NYSE:PRU) today announced a new organizational structure for its U.S. businesses that extends its customer reach and facilitates pathways to new markets. The structure better reflects the company’s strategic focus on leveraging its mix of businesses and its digital and customer engagement capabilities to expand its value proposition for the benefit of customers and stakeholders.

June 26, 2017

The Hartford entrusts Prudential with $1.6 billion in pension obligations for 16,000 former U.S. employees

NEWARK, N.J., June 26, 2017 - The Hartford has agreed to settle $1.6 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, the company announced today. The agreement transfers responsibility for paying the pension benefits of approximately 16,000 of The Hartford’s retirees and former U.S. employees, as well as their beneficiaries. The transaction represents approximately 29 percent of The Hartford’s pension obligations.

June 22, 2017

Prudential: public service employee pensions only a step to retirement security, survey says

NEWARK, N.J., June 22, 2017 - Despite a persistent belief that public employees such as teachers, police and firefighters will be taken care of in retirement thanks to the pension plans of old, a survey sponsored by Prudential Retirement shows that today’s shifting political and economic landscape may have left them and their employers on shaky ground.

June 20, 2017

Talent shortages present opportunities for U.S. hospitals, survey finds

In the next 10 years, the nation’s biggest healthcare crisis may be a serious shortage of specialists, generalist physicians, nurses and other clinicians that will hamper the ability of hospitals to deliver high-quality care.

June 13, 2017

Working women may be facing a retirement income crisis

An in-depth look at the retirement account balances of men and women by Prudential Retirement reveals an alarming disparity: Even as the fight for equal pay has helped shrink the gender wage gap, retirement savings of working women have fallen far behind men, putting them at great risk of outliving their hard-won earnings.

June 05, 2017

Prudential Retirement wins N.Y. Union Plan; oversees $5.7 billion in retirement assets

NEWARK, N.J., June 5, 2017 - The Joint Industry Board (JIB), a New York-based labor/management organization serving the International Brotherhood of Electrical Workers (IBEW) Local Union No. 3 members and their employers since 1943, selected Prudential Retirement to be the recordkeeper for its Deferred Salary Plan, or 401(k) plan. Prudential Retirement, among the industry’s largest recordkeepers and leading provider of Taft-Hartley retirement plan solutions, is a business unit of Prudential Financial, Inc. (NYSE: PRU).
May 25, 2017

Prudential: Guaranteed lifetime income options in 401(k)s helps bring financial security closer to employees, helps reduce costs for employers

NEWARK, N.J., May 25, 2017 - Guaranteed income solutions can help bring financial security within reach of employees, helping to reduce the amount they would need to save by as much as 36 percent, according to Prudential Financial1. And a new paper from Prudential Retirement says employers can also benefit through improved workforce management and reduced workforce costs. Prudential Retirement is a business of Prudential Financial, Inc. (NYSE: PRU).

May 16, 2017

Prudential doubles down on financial wellness; offers new tools to unlock “The Wellness Effect”

NEWARK, N.J., May 16, 2017 - Prudential Financial, Inc. (NYSE: PRU) has deepened its commitment to the financial wellness of American families. The company announced a three-year $5 million partnership with the Aspen Institute to advance solutions that increase financial security for all American workers, and armed employers with new tools and resources to help them to understand and improve the financial health of their workforce.

May 12, 2017

Beware the health care costs of living longer

Rethinking our ideas behind how—and how much—we need to save for health care in retirement is the main concern of Retirement Planning: Coping with Higher Health Care Costs,” recently published in the Journal of Financial Service Professionals, authored by Prudential’s Brett Berg, an Individual Life Insurance vice president focused on advanced markets, and Dr. Robert Pokorski, vice president and medical director and an internationally renowned expert on longevity.  As advances in nutrition, medicine, and healthy living have extended our average lifespans, a new problem has metastasized—we are outliving the assets we put aside to pay for geriatric and end-of-life care.

May 08, 2017

Prudential names Phil Waldeck president and CEO of Prudential Retirement

NEWARK, N.J., May 8, 2017 - Prudential Financial, Inc. (NYSE: PRU), announced that Phil Waldeck has been named President and Chief Executive Officer of Prudential Retirement, a division of Prudential Financial, Inc., effective June 5. He succeeds Christine Marcks, who has informed the company of her decision to retire after more than 13 years of distinguished service, 10 of which were in the role of President and CEO.
March 22, 2017

A cautionary retirement tale

More than two in five Americans inaccurately assess their retirement preparedness, perhaps worrying more than they need to, or not being concerned enough about how much money they’ve saved, according to the Center for Retirement Research at Boston College’s latest National Retirement Risk Index research, sponsored by Prudential.