NEWARK, N.J.--(BUSINESS WIRE)--The Joint Industry Board (JIB), a New York-based labor/management organization serving the International Brotherhood of Electrical Workers (IBEW) Local Union No. 3 members and their employers since 1943, selected Prudential Retirement to be the recordkeeper for its Deferred Salary Plan, or 401(k) plan. Prudential Retirement, among the industry’s largest recordkeepers and leading provider of Taft-Hartley retirement plan solutions, is a business unit of Prudential Financial, Inc. (NYSE: PRU).
Prudential will oversee $5.7 billion in assets covering 33,000 participants beginning July 3.
“Unions play a critical role in giving their members a voice on workplace issues ranging from compensation and safety to access to employee benefit offerings like retirement plans,” said Harry Dalessio, head of Sales & Strategic Relationships at Prudential Retirement. “This latest client to retain us is a testament to our deep expertise and commitment to partnering with unions to help improve their members’ long-term financial security.”
According to a recent survey from Prudential and the Economist Intelligence Unit, more than half of union members (51 percent) say unions should focus on protecting the security of pensions and other employee benefits.
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and non-qualified deferred compensation recordkeeping, 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 4.2 million participants and annuitants. Prudential Retirement has $395.5 billion in retirement account values as of March 31, 2017. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Conn., or its affiliates.