Business Wire 14-Jan-2019 9:00 AM
The City of Santa Ana (California) and the Ohio Association of Professional Fire Fighters have both selected Prudential Retirement as recordkeeper for their public sector retirement plans, reflecting the demand for customized financial wellness solutions among public employees. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).
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Scott Gaul, head of Sales and Strategic Relationships (Photo: Business Wire)
For the City of Santa Ana, Prudential will oversee $110.4 million in assets under management, covering 1,171 participants as of October 1, 2018. Prudential was chosen to manage the assets due to their suite of financial wellness tools and services, their commitment to service delivery, comparably lower fees, their self-directed brokerage option, and a custom website. In addition, the availability of custom Spanish communications was attractive to the City of Santa Ana for its participants.
For the Ohio Association of Professional Fire Fighters, Prudential will oversee $100 million in retirement assets, covering 2,633 participants as of December 31, 2018. Ron Palanca of LPL Financial is the advisor of the plan, which transitioned in December 2018.
"After extensive research, we chose to partner with Prudential because of their strong investment capabilities and expertise in working with public sector employers," said Bill Quinn, secretary-treasurer of Ohio Association of Professional Fire Fighters. Other reasons included price reduction and a partnership with LPL Financial, which provides all local participant education.
"These wins are a testament to our work in the public sector segment," said Scott Gaul, senior vice president and head of sales and strategic relationships for Prudential Retirement. "Public sector workers have certain concerns and aspirations and the City of Santa Ana and the Ohio Association of Professional Fire Fighters chose us as a partner due to our governmental and union expertise."
Prudential Retirement is a leading retirement benefits provider in the public sector and has conducted extensive market research to help provide insights to public sector workers, so they are able to prepare appropriately for the future and retirement. A majority of public sector workers rely on pensions for retirement income, with deferred compensation becoming an increasing component of a retiree's income today. Differing perspectives make the case for offering a range of financial education to public sector workers to ensure successful planning for 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 4.4 million participants and annuitants. Prudential Retirement has $446.5 billion in retirement account values as of September 30, 2018. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Connecticut, 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 September 30, 2018, 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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