The Southeastern Pennsylvania Transportation Authority (SEPTA), a regional public transportation authority that serves nearly 4 million people in and around Philadelphia, hired Prudential Retirement to serve as the new provider for its public sector retirement plan. Prudential Retirement, among the industrys largest record keepers, is a business unit of Prudential Financial, Inc. (NYSE: PRU).
Prudential will oversee $226 million in retirement assets covering 6,000 participants. Michael Courtney and Bruce Besecker of Courtney Investment Consulting Group RBC Capital Markets are the advisors of the plan. The plan transitioned on August 3, 2018.
Our defined contribution business is seeing strong interest from employers in the public sector and this latest client win is a proof point, said Scott Gaul, senior vice president and head of sales and strategic relationships for Prudential Retirement. As a provider that has deep expertise serving public sector clients, we understand the nuances of their retirement plans and understand how to solve their challenges.
Prudential Retirement is a leading retirement benefits provider in the public sector, with $36.8 billion in assets under management across 108 retirement plans.1 The business has also done extensive research to better understand the financial needs and attitudes of public sector workers in order to help public sector employers better prepare their workforce for retirement.
During the RFP process, Prudential demonstrated certain characteristics that stood out and influenced The Deferred Compensation Investment Committees decision to select them as our new provider, explained Jacob Aufschauer, Assistant General Manager, Human Resources at SEPTA. Engaging our workforce to take action and save for retirement is really important to us, so the quality of Prudentials participant communication material, commitment to on-site participant servicing and investment and record-keeping platform, were determining factors in the committees decision.
Prudential Retirements participant servicing model includes the deployment of on-site retirement counselors who help their clients employees make the most of their retirement plan.
About Prudential Retirement
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.3 million participants and annuitants. Prudential Retirement has $432.6 billion in retirement account values as of June 30, 2018. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Connecticut, or its affiliates.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2018, has operations in the United States, Asia, Europe, and Latin America. Prudentials diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudentials iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.
1 Prudential Financial data as of 12/31/2016.