Business & Finance
Business and Finance
Business and Finance
Tue, July 20, 2010 Plan Sponsors honored for improving plans for employees
NEWARK, N.J.--([ BUSINESS WIRE ])--Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), has honored six plan sponsors for redesigning their defined contribution retirement programs to assist plan participants in achieving a more secure retirement.
"Impacts of Changing Technology and Social Media on Retirement,a™ aFiduciary Peace of Mind,a™ and aWomen Investing Wisely- The Growing, More Savvy Investors.a™"
The plan sponsorsa"Ply Gem Industries, the United Parcel Service (UPS), the State of North Carolina, Munters Corp, Bekaert Corp and EMC Insurance Companiesa"received their awards at Prudential Retirementa™s recent three-day client conference, Leading the Way: A New Retirement Vision.
aThe best workplace-provided retirement programs help build retirement security by encouraging individuals to not only participate in the plan, but to maximize contribution rates, diversify investments, and think about their accounts as a source of retirement income,a said Michael Knowling, senior vice president, Plan Sponsor Solutions, who hosted the event. aWe commend these plan sponsors for equipping their participants with the right products, tools, resources and services to help them meet their retirement goals.a
Ply Gem Industries, an established leader of building construction and renovation materials, reported increased participation in its 401(k) plan, with the enrollment of 568 new participants in just one month, bringing up the participation rate 20 percentage points to 55 percent. Ply Gem also added Prudentiala™s GoalMaker® asset-allocation tool, a feature selected by 42 percent of plan members.
Through a successful communications plan, UPS implemented automatic enrollment and automatic contribution escalation features, achieving nearly a 100 percent plan participation rate, while also prompting 33 percent of participants to elect the contribution accelerator.
Despite concern over current economic conditions, the State of North Carolina saw more than 2,000 participating employees increase their retirement contribution rates. Additionally, the state put in place an aggressive communications program that led 83 percent of new enrollees in its 401(k) plan to select the GoalMaker asset-allocation program.
Meanwhile, Munters Corp, the worlda™s leader in humidity and climate control technologies; Bekaert Corp, a multinational producer of drawn steel wire products and applications; and EMC Insurance, one of Iowaa™s largest property and casualty insurance providers, each increased participation rates and each helped ensure that participants would receive a guaranteed retirement apaychecka by adopting Prudential IncomeFlex®, which provides participants a guaranteed minimum withdrawal benefit for life upon retirement.1.
Leading the Way: A New Retirement Vision brought more than 250 of Prudential Retirementa™s largest institutional clients to Phoenix to learn about the latest retirement trends, services, products and plan options. The conference included more than 25 workshops, covering such topics as aImpacts of Changing Technology and Social Media on Retirement,a™ aFiduciary Peace of Mind,a™ and aWomen Investing Wisely- The Growing, More Savvy Investors.a™
Clients also benefitted from presentations given by Peter Ricchitu, professor of Tulane Universitya™s School of Business; Tom Daschle, former U.S. Senate majority leader; Christine Marcks, president, Prudential Retirement; Jamie Kalamarides, senior vice president, Retirement Solutions; and Bernard Winogard, executive vice president and chief operating officer of Prudentiala™s U.S. Businesses.
aIt is a privilege to bring together our clients, and to listen to their ideas, as we continue to develop innovative retirement planning solutions that meet the expectations and needs of the marketplace of today and tomorrow,a said Knowling. aWe highly commend all who attended, both for their suggestions in improving our offerings and for their dedication to the financial security and peace of mind of their participants.a
Prudential Retirement delivers retirement plan solutions for public, private and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $183.9 billion in retirement account values as of March 31, 2010.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $693 billion of assets under management as of March 31, 2010, has operations in the United States, Asia, Europe and Latin America. Prudentiala™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, investment management and real estate services. In the U.S., Prudentiala™s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit [ www.news.prudential.com ].
1.Guarantees are contingent on the claims paying ability of the issuer.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates
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