Prudential Retirement Selected to Manage $35 million Retirement Plan
NEWARK, NJ, December 5, 2007 -- Prudential Retirement announced today that it has been selected by The Herb Chambers Companies as its defined contribution plan provider, and it will manage approximately $35 million of assets for over 500 participants in The Herb Chambers Companies' 401k plan. Prudential Retirement is a business of Prudential Financial, Inc. (NYSE: PRU).
"We were looking for a provider who could demonstrate they truly understood who we were and what would be best for us and our employees," said Bruce Spatz Chief Financial Officer of The Herb Chambers Companies. "With the help of The Bostonian Group, we narrowed down possible candidates to just a few, and Prudential Retirement impressed us the most. We felt Prudential's 401k plan and services would help our employees create a secure retirement nest egg. Along with the confidence their strong brand instills, the team assigned to our plan took the time to learn about our business and our employees to develop a plan just for us, not shoe-horn us into an off-the-shelf plan."
"We evaluated a number of providers based on The Herb Chambers Companies' specs, and Prudential Retirement surfaced to the top of the list. Along with a competitive 401k plan, The Herb Chambers Company needed an organization that could handle integration of a group it recently acquired. Prudential has that experience, and developed a customized plan that best addressed The Herb Chambers Companies' concerns and desires," said Bob Clark, managing director of The Bostonian Group.
"The Herb Chambers Companies clearly values the unique qualities of each of its employees and we wanted our plan to reflect that value," said Marc Doucette, vice president of Sales for Prudential Retirement. We felt Prudential's GoalMaker(SM), our optional asset allocation program, would help The Herb Chambers Companies' employees make informed investment decisions that align with their personal situation and risk tolerance. And our award-winning education and enrollment programs, combined with a wealth of online information and our service team, will help address the specific needs of The Herb Chambers Companies' plan participants."
About The Herb Chambers Companies
Based in Somerville, MA, and with dealerships throughout New England, The Herb Chambers Companies sells new and pre-owned vehicles from auto manufacturers, including Mercedes-Benz, Porsche, Honda, Ford, Dodge, Toyota, Chrysler, and Hyundai. It also services and repairs vehicles.
About The Bostonian Group
The Bostonian Group bridges the gap between product-focused benefits brokers and strategically focused HR consultants. With dedicated experts in healthcare, retirement, HR, executive benefits and compensation and wealth management, The Bostonian Group clients get a depth of experience, range of services, and value that was once available only to the largest firms. Founded in 1973, The Bostonian Group is one of the fastest growing companies in New England; clients include Aspen Technology, The Herb Chambers Companies, MITRE, Suffolk Construction, ViaCell, and Workscape. For more information visit: http://www.BostonianGroup.com.
About Prudential Retirement
Prudential Retirement 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 over 80 years of retirement experience, Prudential Retirement helps meet the needs of nearly 3.2 million participants and annuitants. Prudential Retirement has $157 billion in retirement account values as of September 30, 2007.
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