NEWARK, N.J., Oct. 9, 2019 – UA Local 22 Plumbers and Steamfitters Annuity Fund, and Sendik’s Food Market, a family-owned Milwaukee grocery chain, chose Prudential Retirement as record keeper for their defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).
“Both client wins are a testament to the level of service and experience our clients have come to expect. ”
With $42 million in retirement assets, the Buffalo, New York-based benefit plan for UA Local 22 Plumbers and Steamfitters Annuity Fund has 1,000 participants and transitioned on Sept. 3, 2019. Sendik’s Food Market, with $20 million in retirement assets covering 950 participants, transitioned on July 10, 2019.
“Local 22 is a great addition to our Taft-Hartley book of business,” Scott Gaul, senior vice president and head of sales and strategic relationships, Prudential Retirement, said. “And the fact that Sendik’s – a homegrown family-owned business – chose us for our financial wellness approach is validation of the demand for solutions to help employees meet their financial goals. Both client wins are a testament to the level of service and experience our clients have come to expect.”
For Local 22, it was Prudential’s pricing, experience managing Taft-Hartley plans and its sales team that influenced their selection.
“We’re committed to helping our members achieve a secure retirement and confident that Prudential’s understanding of the unique needs of our members will allow us to advance that goal,” said Debra Korpolinski, funds director at UA Local 22 Plumbers and Steamfitters Benefit Funds.
Sendik’s Food Market was excited about Prudential’s approach to participant education and financial wellness. They also valued Prudential’s hands-on approach to client service and is using this change as an opportunity to create excitement about the workplace benefits offered to their employees. McKenzie Johnson, senior consultant, retirement services at Lockton Financial Advisors LLC, is the advisor of Sendik’s Food Market.
“Financial wellness is a strong area of focus for us, just as it is for Prudential. So it was important for us to partner with a provider who could deliver value on that front,” said Mike Baierl, benefits and compensation manager at Sendik’s Food Market.
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified 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 4.4 million participants and annuitants. Prudential Retirement has $478 billion in retirement account values as of June 30, 2019. Retirement products and services are provided by The Prudential Insurance Company of America (PICA), Newark, N.J., or its affiliates.
PICA issued the reinsurance from the United States. Neither PICA nor Prudential Retirement Insurance and Annuity Company (PRIAC) is licensed or regulated by the U.K. Prudential Regulation Authority as an insurer or regulated by the Financial Conduct Authority, nor does either offer reinsurance in the United Kingdom or directly insure U.K. pension risks.
About Prudential Financial
Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1 trillion in assets under management as of June 30, 2019, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.