Newark, NJ (PRWEB) July 8, 2008
Prudential Financial, Inc. (NYSE: PRU) honored five plan sponsors for redesigning their defined contribution (DC) retirement programs to help plan participants achieve retirement goals. Faith Technologies Inc., VSP® Vision Care, Knauf Insulation, Rogers Corporation and the International Union of Operating Engineers (IUOE) Local 25 Marine Division were cited for placing greater focus on improving the savings of their participants. The awards were presented at Prudential Retirement's recent 2008 biennial gathering -- unConvention: New Thinking. Better Outcomes.
"Many American workers not only need help to build, manage, and safeguard their nest eggs, they also want to generate a steady stream of retirement income," said Jamie Kalamarides, senior vice president, Retirement Solutions. "We salute these plan sponsors for their vision and willingness to help their participants by giving them new tools and strategies to help them live abundant lives in retirement. We can all agree that it starts with savings."
After adding auto capability functions, Faith Technologies Inc., one of the largest privately-held full service electrical and specialty systems contractor, and VSP, the nation's largest eyecare provider, realized a 26 percent and 47 percent increase in their DC plan participation rates, respectively. Both companies also saw the average contribution rate of their participants significantly increase.
Knauf Insulation, a multinational producer of building materials and construction systems, and Rogers Corporation (NYSE: ROG), manufacturer of specialty material based products for communications, portable electronics, and automotive industries, added Prudential's GoalMaker® asset-allocation tool and other auto-plan solutions which helped increased participation rates and garnered an immediate jump in contributions. Both companies also added Prudential IncomeFlex® to its investment lineup, which provides participants with a guaranteed minimum withdrawal benefit - a retirement payment - upon retirement.
IUOE - Local 25, comprised of over 2,000 men and women who lead dredging projects, including ship channel maintenance, offshore pipeline work and cable laying projects, redesigned its retirement plan and created new savings and profit sharing plans. As a result, 36 percent of its members are now participating in the new plan and contributions outpaced last year.
unConvention: New Thinking. Better Outcomes featured more than 25 concurrent workshop sessions including 'Emerging Changes in the Retirement Regulatory Environment,' 'Fee Disclosure from a Client and Regulatory Perspective,' and 'Target-Date Funds: The Asset Allocation Dilemma'.
Approximately 250 of Prudential Retirement's largest institutional clients gathered in San Antonio, Texas last month for the biennial conference. Clients representing institutional plan sponsors from corporations, labor unions, healthcare organizations, educational institutions, state and local agencies also gained insight from keynoters Ted Koppel, a 42-year veteran of ABC News; John R. Strangfeld, Prudential Financial's recently elected chairman and chief executive officer; and Bernard Winograd, executive vice president and chief operating officer of Prudential's U.S. Businesses.
"We are excited about this incredible opportunity to address the retirement needs and challenges presented by the oncoming rush of retiring baby boomers and we salute you for working with us to innovate and build solutions that will place many of them on the path to a secure retirement," said Bernard Winograd. "We applaud you for working hard to leave your plan participants in a position of control during their personal journey to financial security that will last throughout their lives," said Winograd during his keynote address.
Prudential Retirement, a business of Prudential Financial, Inc. (NYSE: PRU), delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With nearly 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.4 million defined contribution participants and defined benefit participants and annuitants. Prudential Retirement has $159 billion in account values as of March 31, 2008.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $631 billion of assets under management as of March 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 approximately 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/.