NEWARK, N.J.--(BUSINESS WIRE)--State of Hawaii officials informed Prudential Retirement that Hawaii has renewed its contract with Prudential to oversee its State of Hawaii Deferred Compensation Plan (a.k.a., The Island $avings Plan) totaling nearly $2.4 billion in retirement assets. Prudential Retirement, among the industry’s largest recordkeepers, is a business unit of Prudential Financial, Inc. (NYSE:PRU).
Prudential Retirement has been managing the voluntary plan since 2013, which currently has 27,919 members, and its Stable Value business has serviced the plan for more than 30 years. The new three-year recordkeeping contract became effective April 1, 2018. Wendy Young Carter and Glenn Ezard of Segal Marco Advisors are the consultants for the plan.
“Recently, we’ve seen a significant uptick in public sector employers, both new and existing clients, choosing to partner with us to help their employees achieve financial wellness,” said Michael Knowling, head of client relations and business development at Prudential Retirement. “Hawaii’s decision to retain us is indicative of the retirement outcomes we’re driving for their participants and our understanding of their workforce needs.”
Over the past five years, recordkeeping assets for Hawaii’s 457(b) plan have grown from $1.7 billion to nearly $2.4 billion. The plan offers several investment and plan design features to help participants build retirement savings, including:
- GoalMaker, Prudential Retirement’s asset allocation tool
- A custom stable value fund co-managed by INVESCO and the Fixed Income Group at Jennison Associates LLC, a wholly owned subsidiary of PGIM, the global investment management business of Prudential Financial
- Dedicated onsite retirement education counselors
- Online tools and resources designed to help employees achieve financial wellness
In addition, Prudential has helped workers in the State of Hawaii plan save more by holding a series of employee benefit fairs to provide education and promote participation. Since May 2017, 21% of attendees of the spring and fall benefits fairs have taken actions to save for their retirement.
“We’re pleased with how our deferred compensation plan has performed,” said Brian T. Moto, Chairperson, Board of Trustees for the State of Hawaii Deferred Compensation Plan. “Together with Prudential, we’ve been able to help our employees improve their financial well-being and better prepare for retirement.”
Most recently, the state of Vermont hired Prudential Retirement as third-party administrator for the state’s five defined contribution plans, totaling $576 million in plan assets. And Jersey City, New Jersey, renewed its contract with Prudential Retirement for its $208 million governmental 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 $427.6 billion in retirement account values as of March 31, 2018. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Conn., or its affiliates.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion in assets under management as of March 31, 2018, 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 news.prudential.com.