NEWARK, N.J.--(BUSINESS WIRE)--IBERIABANK Corp., a financial holding company headquartered in Lafayette, Louisiana, hired Prudential Retirement to serve as the retirement services provider for its 401(k) and non-qualified deferred compensation plans. Prudential Retirement, among the industry’s largest recordkeepers and a leader in providing non-qualified deferred compensation plans, is a business unit of Prudential Financial, Inc. (NYSE: PRU).
IBERIABANK’s plans have $135M in retirement assets, covering 2,836 participants. It transitioned Jan. 1, 2018. Scott T. Steves, CFP®, Regional Sr. Vice President at Gallagher Benefit Services, Inc., and Don Leese, Retirement Plan Consultant in their Baton Rouge, LA offices, are the advisors and consultants of the plans.
Prudential Retirement is the recordkeeper for 591 non-qualified deferred compensation plans, with over $15.6 billion in total participant balances.
“We’re finding that many of the plan sponsors we work with want a bundled experience for their defined contribution and non-qualified deferred compensation plans with a sole recordkeeper that understands the plans are different, but can provide the same level of expertise across the board for both plans,” said Scott Gaul, head of Sales & Strategic Relationships at Prudential Retirement.
According to the Prudential/PLANSPONSOR 2017 Executive Benefit Survey, more than 55 percent of plan sponsors bundled their retirement plan services with the same recordkeeper.
“Getting non-qualified deferred compensation plans right, in terms of structure and design, is particularly important as more plan sponsors use it as a recruiting and retainment tool for rewarding executive performance,” Gaul added.
Founded in 1887, IBERIABANK is the largest financial holding company headquartered in Louisiana with more than 250 combined offices in 10 states primarily throughout the Southeast.
“We’re pleased to work with Prudential to help equip our associates with the education and tools they need to prepare for retirement and tackle other financial challenges,” said Greg Rizzuto, Vice President, Director of Benefits and Talent Acquisition at IBERIABANK. “Their deep expertise in non-qualified deferred compensation plans and a customizable service model enabled us to enhance our retirement benefits strategy. This has resulted in retirement plans that we believe can effectively address retirement and savings needs of associates at all levels throughout our organization, including highly compensated associates who often face a retirement income gap caused by limitations in qualified retirement plans.”
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 4.3 million participants and annuitants. Prudential Retirement has $429.1 billion in retirement account values as of December 31, 2017. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Conn., or its affiliates.