The city of Atlanta, the ninth-largest metropolitan area in the nation, chose Prudential Retirement as record keeper for its defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).
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Michael Domingos, Senior Vice President and Head of Sales and Strategic Relationships, Prudential Retirement (Photo: Business Wire)
Prudential will oversee $337 million in retirement assets, which will cover 8,600 government employees as of June 1, 2020. The partnership adds to Prudential’s public sector portfolio, which oversees $49.3 billion across 225 plans for 827,259 participants.
According to John Gaffney, deputy chief finance officer for the city of Atlanta, Prudential was selected for its efficient model, investment flexibility and cost savings. “The city of Atlanta wants to deliver retirement plans that help our dedicated workers build and secure their financial stability,” said Gaffney. “Prudential is the right partner to ensure our plans are optimized for long-term success.”
As the retirement industry continues to navigate uncertainty in response to COVID-19, Prudential’s strength – which has weathered crises including two world wars, the 1918 Spanish influenza, the Great Depression, 9/11 and the global financial crisis of 2008 – coupled with its long-term strategic view provides much needed support and reassurance for plan sponsors.
“Prudential is committed to innovative plan designs that meet the needs of plan sponsors and participants, particularly during these unprecedented times,” says Michael Domingos, senior vice president and head of sales and strategic relationships at Prudential Retirement. “We are thrilled to share this expertise with the city of Atlanta and help its employees maintain financial wellness.”
For more information, visit www.prudential.com/employers/retirement.
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 4.6 million participants and annuitants. Prudential Retirement has $466 billion in retirement account values as of March 31, 2020. 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, 2020, 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.
Anjelica Sena. 973-802-6930