NEWARK, N.J.--(BUSINESS WIRE)--Prudential Retirement will continue its more than two-decade partnership with Wayne County, the most populous county in Michigan, as record keeper for its defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).
A Prudential client since 1998, Wayne County has agreed to a new five-year contract totaling $650 million in retirement assets, which includes $430 million in 401(a), $220 million in 457(b), and $1.5 million in FICA Alternative plans for 8,000 participants. This partnership is just one within Prudential’s public sector portfolio, which oversees $42.7 billion across 233 plans for 785,977 participants.1
“Prudential has been an ideal partner for many years,” said Robert Grden, executive director at Wayne County Employees’ Retirement System. “Wayne County employees will continue to have access to the products and resources they need to secure their financial futures.”
With all levels of the U.S. government competing with private firms for talent, employee benefits continue to be an essential recruitment tool, particularly following changes to traditional public sector benefits caused in part by the 2008 financial crisis.
“While financial wellness is important for all workers, it’s particularly important for those who have dedicated their careers to public service,” said Michael Knowling, Head of Client Relations & Business Development at Prudential Retirement. “Our knowledge of the public sector allows us to work hand in hand with advisors and clients like Wayne County to ensure employees are successfully set up for retirement.”
Kevin VandenHaute of Titan Wealth Advisors is the plan’s investment 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 $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.
1 Prudential Financial Retirement data as of 12/31/2018