Newark, NJ (PRWEB) April 22, 2009
Prudential Retirement and The Prudential Foundation awarded more than $800,000 in strategic contributions and grants respectively, in support of education, economic development, arts and culture infrastructure throughout the Greater Hartford area in 2008. Prudential Retirement, located in Hartford, is a business unit of Prudential Financial Inc. (NYSE: PRU)
"We are delighted to join with other Hartford-area leaders in helping to enhance the lives of area residents," said Christine Marcks, president, Prudential Retirement. "We will continue to collaborate in civic and business initiatives to help foster a vibrant community and thriving business environment."
The grants represent an increase over the previous year. Prudential adjusted funding priorities to ensure the company's financial assistance and employee volunteerism support student scholastic achievement, sustain small businesses and address community-related challenges.
"As many of the civic institutions battle cuts in funding, we are delighted to put our resources behind successful partnerships and community-based initiatives that are focused on the long-term benefits of education, affordable housing, and economic development," said Gabriella Morris, president of The Prudential Foundation and vice president of Community Resources for Prudential Financial Inc. "Our greatest impact will come from addressing challenges in ways that leverage the collective abilities of our employees, as well as the grants and other resources we are able to provide."
A representative sample of the grants awarded last year include $150,000 to the Hartford Education Foundation to support the establishment of a local education fund to engage the community in the school reform process. Artists Collective, Inc. was provided $25, 000 to support the Collective's year-round after-school programs that provide performing and visual arts training, life skills workshops and employment training for students. The South Arsenal Neighborhood Development Corporation was awarded $75,000 to incent affordable housing and job training. In addition, Prudential is the marquee sponsor of the Greater Hartford Arts Council's Monday Night Jazz Series which brings talented jazz artists to Hartford for residents and area employees to enjoy for free.
Founded in 1977, The Prudential Foundation is a nonprofit grant-making organization affiliate with Prudential Financial Inc. It is part of Prudential's Community Resources Department, a strategic combination of four units: The Foundation, which strives to build children and families' self sufficiency; the Social Investment Program, which originates and manages socially beneficial investments; Local Initiatives, which coordinates employee volunteerism and fosters community outreach; and Business Diversity Outreach, which facilitates diverse market development and outreach efforts for Prudential businesses. The mission of the Community Resources Department is to strengthen Prudential by investing financial resources, business expertise and associate volunteer skills in programs that increase human potential and individual self-sufficiency through education, job skills, economic revitalization and basic community health.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art recordkeeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With nearly 86 years of retirement experience, Prudential Retirement helps meet the needs of nearly 3.6 million defined contribution participants and defined benefit participants and annuitants. Prudential Retirement has $150.2 billion in retirement account values as of December 31, 2008.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $558 billion of assets under management as of December 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping more than 50 million individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com.