Prudential Retirement Selected as Defined Contribution Plan Provider for Orleans Homebuilders
NEWARK, NJ, September 28, 2005 -- Prudential Retirement, a business of Prudential Financial, Inc. (NYSE: PRU - News), has been selected by Orleans Homebuilders, Inc. as the company's defined contribution retirement-plan provider. Prudential will manage approximately $18 million in assets for participants in Orleans Homebuilders' 401k program.
"We wanted a retirement-plan partner that could provide our employees with strong investment choices and with education support targeted to each individual's needs. We also wanted a partner that could help us manage our plan -- and our fiduciary responsibilities -- as we move through an aggressive series of acquisitions," said Joe Santangelo, chief financial officer at Orleans Homebuilders.
"After conducting an extensive search, Prudential Retirement became the obvious choice. Their comprehensive advisory services -- including plan compliance testing and merger & acquisition support -- deliver the expertise we need to effectively manage our plan. And their investment lineup, customized participant programs and suite of retirement-planning tools provide the flexibility and guidance our employers need to help build a secure retirement," he added.
Santangelo noted that Orleans Homebuilders recently acquired Realen Homes, Parker Homes, Masterpiece Homes and the rights to Peachtree Homes as part of its acquisition strategy. The rapid growth led to the search for a new 401k plan provider.
"We're extremely honored to have Orleans Homebuilders as a client, and we're pleased to be able to offer a complete product-and-service solution for the company and its employees," said Jonathan Shuman, vice president of Sales for Prudential Retirement.
"We expect our compliance and M&A services will complement for the company's expansion and growth objectives, while our investment offerings and participant support services -- including our online GoalMaker(SM) asset- allocation tool -- will no doubt make retirement-planning less of a challenge for plan participants," he added.
Orleans Homebuilders, Inc. develops, builds and markets high-quality single-family homes, townhouses and condominiums. The Company serves a broad customer base including luxury, move-up, empty nester and active adult and first-time homebuyers. The Company currently operates in the following eleven distinct markets: Southeastern Pennsylvania; Central and Southern New Jersey; Charlotte, Raleigh and Greensboro, North Carolina; Richmond and Tidewater, Virginia; Orlando and Palm Coast, Florida; and Chicago, Illinois. The Company's Charlotte, North Carolina operations also include adjacent counties in South Carolina. The Company plans to enter its twelfth and thirteenth markets in Southeastern New York State and in Palm Bay, Florida, early in fiscal 2006.
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administration, investment management, comprehensive employee investment education and communications, and trustee services. With over 80 years of retirement experience, Prudential Retirement meets the needs of two million defined contribution participants and more than one million defined benefit participants and annuitants. Prudential Retirement has more than $132 billion in retirement account values as of June 30, 2005.
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