NEWARK, N.J.--(BUSINESS WIRE)--Springfield Clinic, the second largest multispecialty clinic in Illinois, chose Prudential Retirement as record keeper for its defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).
Prudential will oversee $300 million in retirement assets, which will cover 2,500 Springfield Clinic participants as of March 31, 2019. The partnership expands Prudential’s footprint in the healthcare industry, where it currently oversees $18.9 billion in assets across 797 plans, providing financial security to more than 450,000 healthcare workers.
“One of our top priorities was finding a partner who is as committed to taking care of our physicians and employees as we are,” said Katie Rutledge, vice president and chief human resources officer, Springfield Clinic. “After extensive research and consultation, we feel confident that Prudential will provide the level of support our physicians and employees need to holistically improve their financial health and successfully prepare them for retirement.”
According to Craig M. Stanley, CPA CPFA, Springfield Clinic’s retirement plan advisor from Summit Group 401(k) Consulting, other deciding factors included, “Prudential’s plan design capabilities, participant website and technology, and their ability to understand and address the specific organizational objectives of Springfield Clinic.”
“Prudential understands the unique financial wellness challenges healthcare workers face and consistently uses this knowledge to customize our offerings,” said Scott Gaul, senior vice president and head of sales and strategic relationships for Prudential Retirement. “Our commitment to tailored solutions fosters strong relationships with advisors, including Summit Group, and bolsters our credibility in the healthcare space.”
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 $454 billion in retirement account values as of March 31, 2019. Retirement products and services are provided by The Prudential Insurance Company of America (PICA), Newark, N.J., 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 March 31, 2019, 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.
About Springfield Clinic, LLP
Springfield Clinic is a progressive, physician-led multispecialty medical group devoted to providing the highest quality health care to its patients. More than 450 physicians and advanced practitioners deliver value-based care in approximately 80 medical specialties and sub-specialties. As one of the largest private multispecialty medical clinics in Illinois, Springfield Clinic currently employs over 2,400 clinical and administrative staff members who are committed to improving health, providing value and serving the community. For more information, visit us online at www.SpringfieldClinic.com.