Prudential to fulfill nearly $1 billion in pension promises to 2,000 PSEG retirees

NEWARK, N.J., Aug. 29, 2023 – Prudential Financial, Inc. (NYSE: PRU) has been chosen to participate in a pension risk transaction with PSEG, fulfilling nearly $1 billion of its pension plan obligations for approximately 2,000 retirees of PSEG Power & Other, a PSEG business segment.

“Prudential is proud to help meet the retirement security needs of these 2,000 PSEG retirees, and to continue being a market leader in expanding access to retirement security,” said Alexandra Hyten, Head of Institutional Retirement Strategies for Prudential. “We are confident that our rock-solid service delivery and experience in navigating market complexities will serve retirees well, helping to protect the lifetime income they’ve worked hard to earn.”

As a result of the lift-out transaction, Prudential will be responsible for the pension benefit payments to these retirees beginning Dec. 31, 2023.

“Protecting future benefits for our retirees is something we take very seriously, and an independent fiduciary was retained for their expertise and process to select a financially strong and leading group annuity provider,” said Sheila Rostiac, senior vice president and chief HR officer at PSEG. “We are working with Prudential to ensure a seamless transition for retirees.”

Since 1928, Prudential has been a leader and innovator in the pension risk transfer market, creating the next generation solutions to companies and organizations across a wide range of industries to better manage their pension risk and costs. Prudential revolutionized the modern pension risk transfer market with its pioneering pension buy-outs with General Motors and Verizon in 2012. Many similar transactions followed, including the 2021 buy-out with HP, Inc. and the 2022 transaction with IBM. Today, with the top two largest pension risk transfer transactions on record, and three of the top four, Prudential helps employers satisfy their commitments to retiring workers, while providing these companies the freedom to focus on their core business.

About Prudential

Prudential Financial, Inc, a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of June 30, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunities for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.

With nearly 100 years of retirement experience, the Retirement Strategies team at Prudential delivers industry-leading solutions for growth and protection to more than 2 million individual and institutional customers¹. The business expands access to retirement security through its lines of Individual Retirement Strategies including Prudential FlexGuard, FlexGuard Income and PruSecure, and Institutional Retirement Strategies including U.S. Pension Risk Transfer, International Reinsurance, Institutional Stable Value, and Structured Settlements.

¹Retirement Strategies, By the Numbers July 2023

© 2023 Prudential Financial, Inc. and its related entities. Prudential, Prudential Retirement Strategies, the Prudential logo, the Rock symbol and Rock Solid are service marks of PFI and its related entities, registered in many jurisdictions worldwide. Insurance products are issued by The Prudential Insurance Company of America (PICA), Newark, NJ. PICA is a Prudential Financial company. PICA is solely responsible for its financial condition and contractual obligations.

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