Prudential Retirement Selected by Amalgamated Sugar Company
NEWARK, NJ, November 8, 2004 -- Prudential Retirement, a business of Prudential Financial, announced today that it has been chosen to provide its industry-leading Total Retirement Services (TRS) program to Amalgamated Sugar Company LLC's defined benefit and 401k defined contribution plans, with combined assets of approximately $130 million and more than 2,000 employees and retirees.
"In the past, we administered our defined benefit pension plans in-house and used separate actuarial and trustee organizations, while another company managed our 401k plans. We were looking for a single provider that could handle all of our plans with one point of contact, and could deliver integrated communications for all of our retirement benefits," said Paul Lemieux, of Amalgamated Sugar. "Prudential Retirement has brought together our defined benefit and 401k plan information onto one platform, for seamless delivery to our employees through one web site and call center. Prudential was also able to help us automate pension calculations, and will deliver combined statements and communication materials. The people we are working with at Prudential know this business well."
"Our integrated, Total Retirement Services approach gives participants access to personalized account information and other tools in a way that brings together a complete picture of their retirement plans," said Debbie Ozee, vice president of Sales for Prudential Retirement. "Amalgamated Sugar recognized that Prudential Retirement could provide the products, services and expertise to meet the retirement plan objectives of the business and its employees."
The Amalgamated Sugar Company LLC is a grower-owned cooperative. It is headquartered in Boise, ID, with processing plants in Idaho and Oregon. In addition, Amalgamated owns or leases warehouses and bulk transfer stations at strategic locations from the Midwest to the West Coast.
Prudential Retirement 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 over 75 years of retirement experience, Prudential Retirement meets the needs of two million defined contribution participants and more than one million defined benefit annuitants. Prudential Retirement has $124 billion in retirement account values as of September 30, 2004.
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