NEWARK, N.J.--(BUSINESS WIRE)--Evonik Degussa Corporation, a subsidiary of Evonik Industries AG and a global leader in specialty chemicals, has selected Prudential Retirement to manage all the organization’s retirement programs. Prudential, already one of the firm’s defined benefit plan providers, will now administer Evonik Degussa’s full complement of defined benefit, defined contribution and nonqualified programs, managing more than $650 million in assets for approximately 11,000 active plan participants and retirees.
“Prudential Retirement set itself apart through its ability to deliver a cost-effective total retirement services solution,” said William Dorcas, director of employee benefits at Evonik Degussa.
“In our search for a provider that could manage all three of our retirement programs, we wanted a true partner—one that could help our employees build and enjoy a worry-free retirement, and one that could assist us in more effectively meeting our obligations as a plan sponsor. Prudential certainly fit the bill with its experience and expertise, its comprehensive array of plan compliance and advisory services, and its portfolio of tools and resources for plan participants,” he added.
Dorcas specifically cited Prudential’s enhanced investment options, robust participant website and innovative GoalMakerSM asset-allocation program as key factors in Evonik Degussa’s decision, noting that “taken together, they make it easier for our participants to understand and manage their retirement assets.”
Dorcas also said that the transition to Prudential for integrated defined benefit, defined contribution and nonqualified plan administration has been seamless, for the company, for plan participants and for retirees.
“We’re extremely pleased that Evonik Degussa has chosen Prudential Retirement as its exclusive retirement plan provider, and we look forward to working with the company and with its participants to help ensure that Evonik succeeds as a sponsor and that Evonik’s employees succeed in meeting their retirement-planning goals” said Dominick Quartuccio, vice president, Sales, for Prudential Retirement.
Evonik Industries, parent of Evonik Degussa, is the creative industrial group from Germany which operates in three business areas: Chemicals, Energy and Real Estate. Evonik is a global leader in specialty chemicals, an expert in power generation from hard coal and renewable energies, and one of the largest private residential real estate companies in Germany. Evonik’s strengths are creativity, specialization, continuous self-renewal, and reliability. Evonik is active in over 100 countries around the world. In its fiscal year 2008 about 41,000 employees generated sales of about €15.9 billion and an operating profit EBITDA of about €2.2 billion.
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 3.7 million participants and annuitants. Prudential Retirement has $171.9 billion in retirement account values as of September 30, 2009.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $641 billion of assets under management as of September 30, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.
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