NEWARK, N.J.--(BUSINESS WIRE)--Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE:PRU) announced today that Masonicare of Wallingford, Conn., a nonprofit client for 17 years, has recommitted its defined contribution plan to Prudential Retirement.
“We are pleased that Masonicare has decided to continue partnering with us to help their plan participants better prepare for retirement,” said Sean McLaughlin, senior vice president, Client Relations & Business Development, Total Retirement Solutions at Prudential Retirement. “Our relationship with Masonicare spans nearly two decades and confirms that plan sponsors are interested in a retirement provider that can continue to deliver on its promises, while keeping pace with a market that is always evolving and seeking innovative solutions to retirement challenges.”
Masonicare has 2,500 participants in its defined contribution plans with $79 million in assets under management. Prudential Retirement became the plan’s record keeper in 1997.
“We’ve worked with Prudential for a very long time. Their service team was instrumental in cultivating and maintaining our relationship,” said Edward Dooling, vice president of Human Resources. ”We’re pleased to continue partnering with them to ensure our workforce and advisor have access to the latest in plan design features and educational tools to adequately prepare employees for a retirement that may last 20-30 years or more.”
Masonicare is Connecticut’s leading provider of healthcare and retirement living communities for seniors with a continuum that includes statewide home health and hospice, two physicians practices and a geriatric assessment program. Chris Rowlins, principal and senior consultant at Fiduciary Investment Advisors, is the advisor for the plan.
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified 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 over 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.0 million participants and annuitants. Prudential Retirement has $356.1 billion in retirement account values as of September 30, 2014. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of September 30, 2014, 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 www.news.prudential.com.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT or its affiliates. PRIAC is a Prudential Financial company.
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