Press Release
Prudential Retirement to Open Office in Raleigh NC
NEWARK, NJ, September 2, 2003 -- Prudential Retirement, a business of Prudential Financial (NYSE:PRU), today announced plans to open a new office in Raleigh in mid-September at 150 Fayetteville Street Mall. The office will be the home office to 12 new education and enrollment specialists devoted to educating State of North Carolina 401k plan members on how to save for a secure retirement.
Earlier this year, the Board of Trustees governing the State and Local Government Retirement Systems in North Carolina, named Prudential Retirement the new provider for its 401k plan after concluding that the company's proposal offered state and local government employees the highest level of service at the most competitive cost. The North Carolina 401k plan is the largest public plan of its kind in the country, with more than 181,000 members and assets of $2.3 billion. The Plan's administration will transfer to Prudential Retirement from the previous provider on September 22.
"We believe our investment and retirement planning services – delivered through a personalized approach – will meet the needs of North Carolina's plan participant community," said Scott Sleyster, president, Prudential Retirement. "We look forward to providing the education, choice and flexibility necessary to develop and implement an effective retirement strategy," Sleyster added.
The new education and enrollment specialists are state residents, and licensed to offer financial education to members of the State's 401k plan. After cond ucting more than 1,800 meetings for members before and after the State 401k plan's transition, these specialists will work one-on-one with public entities across North Carolina to educate public employees about the Plan. In addition to the 12 education and enrollment consultants, Prudential Retirement will dedicate a team of 51 staff members to the Plan.
Prudential Retirement, a business of Prudential Financial, delivers retirement plan solutions for public, private, and non-profit organizations.
Services include state-of-the-art recordkeeping, administration, investment management, comprehensive employee investment education and communications, and trustee services. With 75 years of group pension experience, Prudential Retirement meets the needs of one million defined contribution participants and 600,000 defined benefit annuitants, with more than $60 billion of retirement assets under management and administration as of 3/31/2003.
Prudential Financial companies, with approximately $422 billion in total assets under management as of June 30, 2003, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, banking and trust services, real estate brokerage franchises and relocation services.
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