Prudential to oversee $820M in retirement assets for California plan
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Alameda County, an East Bay government plan client for nearly 29 years, has extended its contract with Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU). Prudential oversees a combined $820 million in retirement assets for both 457(b) and 401(a) plans.
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Michael Knowling, head of Client Relations & Business Development, Prudential Retirement (Photo: Business Wire)
As of Jan. 1, 2020, Prudential oversees $808 million in assets for Alameda County’s 457(b) plans and $13 million for its 401(a) plans, covering about 7,700 government workers. Henry C. Levy, CPA, CFE, Treasurer-Tax Collector for Alameda County, credits Prudential’s financial wellness innovations, custom investment vehicle capabilities and participant engagement service model as factors for extending the partnership.
“We value our employees and are committed to helping them become retirement ready,” said Levy. “Prudential continues to be a partner that helps us advance that mission through excellent service, ongoing partnership and new financial wellness tools that empower our employees for a secure future.”
According to a Prudential Retirement survey,1 65% of public sector workers say they make the financial decisions in their households, yet only 17% say they are very confident they won’t run out of money in retirement.
“The employer is a central, go-to resource for individuals’ financial wellness,” said Michael Knowling, head of Client Relations & Business Development at Prudential Retirement. “Alameda County has embraced financial wellness tools and services to help improve financial outcomes for its employees, including financial planning tools; asset allocation programs; and a custom Stable Value Fund. We are excited for our continued partnership and helping even more participants live and retire comfortably.”
Zach Karas and Joshua Schwartz of Retirement Plan Advisors (RPA) are the consultants for the plan.
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 record keeping, 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 $477.5 billion in retirement account values as of Sept. 30, 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 wellness leader and premier active global investment manager with more than $1 trillion in assets under management as of Sept. 30, 2019, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. 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.
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1 http://publicsector.prudentialretirement.com/Survey-Highlights.php
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