Prudential to oversee $820M in retirement assets for California plan
January 22 2020 - 9:00AM
Business Wire
Alameda County, an East Bay government plan client for nearly 29
years, has extended its contract with Prudential Retirement, a
business unit of Prudential Financial, Inc. (NYSE: PRU). Prudential
oversees a combined $820 million in retirement assets for both
457(b) and 401(a) plans.
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Michael Knowling, head of Client
Relations & Business Development, Prudential Retirement (Photo:
Business Wire)
As of Jan. 1, 2020, Prudential oversees $808 million in assets
for Alameda County’s 457(b) plans and $13 million for its 401(a)
plans, covering about 7,700 government workers. Henry C. Levy, CPA,
CFE, Treasurer-Tax Collector for Alameda County, credits
Prudential’s financial wellness innovations, custom investment
vehicle capabilities and participant engagement service model as
factors for extending the partnership.
“We value our employees and are committed to helping them become
retirement ready,” said Levy. “Prudential continues to be a partner
that helps us advance that mission through excellent service,
ongoing partnership and new financial wellness tools that empower
our employees for a secure future.”
According to a Prudential Retirement survey,1 65% of public
sector workers say they make the financial decisions in their
households, yet only 17% say they are very confident they won’t run
out of money in retirement.
“The employer is a central, go-to resource for individuals’
financial wellness,” said Michael Knowling, head of Client
Relations & Business Development at Prudential Retirement.
“Alameda County has embraced financial wellness tools and services
to help improve financial outcomes for its employees, including
financial planning tools; asset allocation programs; and a custom
Stable Value Fund. We are excited for our continued partnership and
helping even more participants live and retire comfortably.”
Zach Karas and Joshua Schwartz of Retirement Plan Advisors (RPA)
are the consultants for the plan.
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 4.4 million participants and
annuitants. Prudential Retirement has $477.5 billion in retirement
account values as of Sept. 30, 2019. 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 trillion in assets under management as of Sept. 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.
1030421-00001-00
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http://publicsector.prudentialretirement.com/Survey-Highlights.php
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version on businesswire.com: https://www.businesswire.com/news/home/20200122005008/en/
MEDIA: Anjelica Sena 973-802-6930
anjelica.sena@prudential.com
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