NEWARK, N.J.--(BUSINESS WIRE)--
Prudential Retirement announced today that it has added new plan sponsor client Faurecia and that Hartford HealthCare has consolidated 20 defined contribution retirement plans to Prudential Retirement. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU).
"We are pleased to welcome these plan sponsor clients on board,” says Harry Dalessio, senior vice president, Strategic Relationships, Prudential Retirement. “These wins demonstrate that Prudential Retirement is a leader in providing plan sponsors and intermediaries with bundled, full service retirement plan solutions that can ultimately help all of their participants reach their Day One of retirement.”
Prudential Retirement’s new plan sponsor client, Faurecia has 4,800 plan participants in its defined contribution plan with $200 million in assets and more than 2,000 plan participants with $45 million in assets in its defined benefit plan. Faurecia is the sixth largest automotive manufacturer in the world. With 320 sites including 30 R&D centers in 34 countries around the world, Faurecia is a global leader in its four areas of business: automotive seating, interior systems, automotive exteriors and emissions control technologies. The company provides innovative solutions to automotive challenges, working hand in hand with automakers to develop cars that are cleaner, lighter, more comfortable and easier to customize. The company is located in Auburn Hills, MI. PearlStreet Investment Management of Oppenheimer & Co. Inc., based in Grand Rapids, Michigan, was the advisor team to the deal.
"After a thorough survey of the market, we went with Prudential because of its proven success in the defined contribution and defined benefit space,” says Ann Conigliaro, Director, Compensation & Benefits, North America at Faurecia USA Holdings, Inc. “The services they offer align with our needs and their recordkeeping platform tools enable our plan participants to engage more and better understand how they are progressing toward their retirement goals.”
Hartford HealthCare is Connecticut’s most comprehensive health system, with five acute-care hospitals and a broad range of health care operations. With $350 million in retirement plan account assets, growing at a rate of about $60 million per year (excluding legacy assets), the Hartford HealthCare plan currently has 16,000 plan participants. Prudential previously managed five plans for the Central Connecticut Hospital Association (CCHA), which was then acquired by Hartford HealthCare. In 2013, Hartford HealthCare embarked on a project to consolidate all of its ERISA DC Plans (26 in all) with one provider, resulting in Prudential Retirement gaining Hartford HealthCare (HHC) as a client.
"We are proud to continue our partnership with Prudential, which will allow Hartford HealthCare to better meet the needs of plan participants,” says Antell Mitchell-James, HHC’s Vice President of Compensation, Benefits and HR Operations. “Prudential is always looking for new and creative solutions to improve efficiency and enhance the user experience, which will create better outcomes for our plan participants.”
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 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.8 million participants and annuitants. Prudential Retirement has $322.9 billion in retirement account values as of December 31, 2013. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.
Prudential Financial, Inc. (PRU), a financial services leader with more than $1.1 trillion of assets under management as of December 31, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s 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., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
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