City of Atlanta selects Prudential Retirement to oversee more than $330M in assets
July 21 2020 - 9:00AM
Business Wire
The city of Atlanta, the ninth-largest metropolitan area in the
nation, chose Prudential Retirement as record keeper for its
defined contribution retirement plans. Prudential Retirement is a
business unit of Prudential Financial, Inc. (NYSE: PRU).
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Michael Domingos, Senior Vice President
and Head of Sales and Strategic Relationships, Prudential
Retirement (Photo: Business Wire)
Prudential will oversee $337 million in retirement assets, which
will cover 8,600 government employees as of June 1, 2020. The
partnership adds to Prudential’s public sector portfolio, which
oversees $49.3 billion across 225 plans for 827,259
participants.
According to John Gaffney, deputy chief finance officer for the
city of Atlanta, Prudential was selected for its efficient model,
investment flexibility and cost savings. “The city of Atlanta wants
to deliver retirement plans that help our dedicated workers build
and secure their financial stability,” said Gaffney. “Prudential is
the right partner to ensure our plans are optimized for long-term
success.”
As the retirement industry continues to navigate uncertainty in
response to COVID-19, Prudential’s strength – which has weathered
crises including two world wars, the 1918 Spanish influenza, the
Great Depression, 9/11 and the global financial crisis of 2008 –
coupled with its long-term strategic view provides much needed
support and reassurance for plan sponsors.
“Prudential is committed to innovative plan designs that meet
the needs of plan sponsors and participants, particularly during
these unprecedented times,” says Michael Domingos, senior vice
president and head of sales and strategic relationships at
Prudential Retirement. “We are thrilled to share this expertise
with the city of Atlanta and help its employees maintain financial
wellness.”
For more information, visit
www.prudential.com/employers/retirement.
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 4.6 million participants and
annuitants. Prudential Retirement has $466 billion in retirement
account values as of March 31, 2020. Retirement products and
services are provided by The Prudential Insurance Company of
America (PICA), Newark, N.J., or its affiliates.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services
leader with more than $1 trillion of assets under management as of
March 31, 2020, 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 news.prudential.com.
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MEDIA: Anjelica Sena. 973-802-6930
anjelica.sena@prudential.com
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