NEWARK, N.J--(BUSINESS WIRE)--Westchester County selected Prudential Retirement as record keeper for its deferred compensation retirement plan. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).
Prudential will oversee $607 million in retirement assets covering approximately 4,900 participants. The plan transitioned on Dec. 17, 2018.
“This win is another proof point of our expertise in serving the public sector,” said Scott Gaul, senior vice president and head of sales and strategic relationships for Prudential Retirement. “We oversee many public-sector plans, which gives us a unique understanding of the multifaceted challenges facing the governmental marketplace.”
“One of the reasons we selected Prudential was their commitment to dedicated on-site participant servicing and education, which includes retirement counselors that work with our employees to ensure they maximize their plan,” said Ann Marie Berg, Commissioner of Finance and board chair.
Other factors that influenced Westchester’s selection include the quality of Prudential’s participant communication materials and a solid investment and recordkeeping platform.
Peter Scott, JD, managing director at Centurion Group is the plan’s consultant.
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified 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 4.4 million participants and annuitants. Prudential Retirement has $446.5 billion in retirement account values as of December 31, 2018. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Connecticut, or its affiliates.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of December 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.
© 2019 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges and service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.