Prudential Retirement calls on the workplace to support savings at every life stage
February 24 2020 - 8:30AM
Business Wire
Congress is making it easier for more workers to save for
retirement and create lifetime income. As America Saves Week kicks
off on Feb. 24, Prudential Financial, Inc. (NYSE: PRU) is
supporting our government’s call for retirement readiness by
amplifying the role of the workplace in financial wellness.
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Today’s retirement plans have made great strides in helping
participants save and invest for retirement, but 6 in 10 Americans1
still do not have access to a retirement plan in the workplace.
Further, many still fall short in helping workers convert their
savings into a steady stream of income—the financial goal Americans
worry about most.2 But the SECURE Act aims to change that. New
commentary from Prudential Retirement President Yanela Frias
explains how the law will help evolve defined contribution plans
and improve retirement outcomes.
“This new legislation has two important components for employers
and employees,” says Frias. “It increases access to retirement
plans for small business and gig workers and enables features that
help individuals generate retirement income that cannot be
outlived. This not only emphasizes the need for improved retirement
outcomes, but also creates new ways to design workplace plans to
aid recruitment and retention.”
However, there’s another component to retirement readiness that
the workplace is poised to lead: removing barriers to saving.
Despite emphasis on access and lifetime income, if workers feel
they don’t have the means to save, they won’t.
Americans are much more likely to save through their employer
than on their own. The workplace has become one of the primary
places in which people access offerings to enhance their financial
security.
“Becoming financially well is no longer about just contributing
to a retirement plan,” says Harry Dalessio, head of institutional
retirement plan services at Prudential Retirement. “Employers offer
so many tools and resources designed to help with student loans,
money management and more. It’s important to take advantage of what
is available.”
That’s why Prudential has invested in a mix of workplace
financial wellness tools and capabilities to empower employees to
save during all stages of their financial journey. This includes
Prudential’s emergency savings feature for workplace 401(k) plans,
which nearly two dozen employers will offer by this spring; debt
management counseling service through GreenPath Financial Wellness,
which will be available to all institutional employers in the
second half of 2020; LINK by Prudential, an interactive,
personalized resource that enables workers to identify their most
important financial milestones and create a path toward achieving
them; and Student Loan Assistance, an online resource offered by
Vault, that allows employees to explore student loan consolidation
and repayment options and provides a channel for employers to make
repayment contributions.
For more on America Saves Week, follow Prudential on Twitter
(@PrudentialNews) for daily savings tips and insights.
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 4.5 million participants and
annuitants. Prudential Retirement has $500 billion in retirement
account values as of Dec. 31, 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
$1.5 trillion in assets under management as of Dec. 31, 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.
1031539-00001-00
_______________________________ 1 Aspen Institute, “Portable
Non-Employer Retirement Benefits: An Approach to Expanding Coverage
for a 21st Century Workforce,” 2019. 2 Prudential, “2018 Financial
Wellness Census,” 2018.
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version on businesswire.com: https://www.businesswire.com/news/home/20200224005108/en/
MEDIA: Anjelica Sena 973-802-6930
anjelica.sena@prudential.com
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