Genesis Healthcare, Inc. selects Prudential to oversee $1.1B in retirement assets
January 14 2021 - 8:00AM
Business Wire
Genesis Healthcare, Inc. (Genesis), one of the nation’s largest
post-acute care providers with more than 325 skilled nursing
centers and senior living communities in 24 states nationwide, has
selected Prudential Retirement as record keeper for its defined
contribution retirement plans. Prudential Retirement is a business
unit of Prudential Financial, Inc. (NYSE: PRU).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20210114005153/en/
Michael Domingos, Head of Sales and
Strategic Relationships, Prudential Retirement (Photo: Business
Wire)
As of Nov. 18, 2020, Prudential oversees Genesis’ $1.1 billion
in retirement assets covering more than 22,000 employees across two
plans. The contract adds to Prudential’s robust portfolio in the
healthcare industry, where it currently oversees $20.1 billion in
assets across 563 plans, helping more than 401,800 healthcare
workers achieve financial wellness. Jim Edwards, AIF®, principal
and financial advisor at CAPTRUST, is the advisor to the plan.
For Genesis, it was Prudential’s solid understanding of their
organization, people and needs, as well as its thoughtful and
detailed plan design analysis that influenced their selection.
“We needed a recordkeeper who could offer creative solutions for
the unique needs of our employees,” said Karen Halsted, vice
president of corporate human resources at Genesis. “When Prudential
presented a new, two-plan design structure, we knew their expertise
was exactly what we were looking for.”
The U.S. Bureau of Labor Statistics projected that the number of
healthcare jobs will grow more than any other occupation1 between
2019 and 2029, adding about 2.4 million jobs. This highlights a
significant hiring challenge for the industry even prior to
COVID-19. As healthcare organizations look to recruit and retain
talent in a post-pandemic job market, emphasis on financial
wellness and retirement readiness will provide a competitive
advantage. In fact, Prudential’s 2020 Plan Sponsor Pulse Survey
found that employee recruitment and retention was one of the top
three reasons2 employers offer retirement plans.
“Healthcare leaders are experiencing unparalleled pressure to
support their workers physically, emotionally and financially,”
said Michael Domingos, head of Sales and Strategic Relationships at
Prudential Retirement. “Prudential’s three-pronged retirement plan
approach—plan design, financial wellness and income—addresses
employees’ critical short- and long-term financial needs, allowing
our partners like Genesis to focus on other critical business and
operational priorities.”
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 record keeping, 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 4.7 million participants and
annuitants. Prudential Retirement has $520 billion in retirement
account values as of Sept. 30, 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 wellness
leader and premier active global investment manager with more than
$1.5 trillion in assets under management as of Sept. 30, 2020, 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.
__________________ 1 BLS Occupational Outlook Handbook,
Healthcare Occupations: https://www.bls.gov/ooh/healthcare/home.htm
2 Prudential’s 2020 Plan Sponsor Pulse Survey:
https://news.prudential.com/content/1209/files/2020PSPulseSurveyDCLandscape.pdf
1044235-00001-00
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210114005153/en/
Anjelica Sena 973-802-6930 anjelica.sena@prudential.com
Prudential Financial (NYSE:PRU)
Historical Stock Chart
From Aug 2024 to Sep 2024
Prudential Financial (NYSE:PRU)
Historical Stock Chart
From Sep 2023 to Sep 2024