The Plan Sponsor Council of America has recognized Prudential Retirement
and Moffitt Cancer Center for maximizing the efficiency and
effectiveness of the center’s retirement plan and increasing the
retirement readiness of its participants. Prudential Retirement’s
Defined Contribution Optimization service and Moffitt earned the 2013
Gold Signature Award, the council’s most prestigious accolade.
Prudential Retirement, a leading provider of retirement solutions for
public, private and nonprofit organizations, is a business unit of
Prudential Financial, Inc. (NYSE:PRU). Moffitt is the No. 1 cancer
hospital in Florida and the only National Cancer Institute-designated
Comprehensive Cancer Center based in the state.
“Moffitt was challenged with an issue that many plan sponsors face
today,” said Sean McLaughlin, senior vice president, Client Relations
and Business Development. “They needed to reduce costs, use available
employer contributions more strategically and improve retirement
outcomes for their valued employees. Together, we were able to agree
upon a comprehensive solution that enhanced features in the plan,
realigned matching dollars to achieve their cost goals, and stimulated
greater voluntary participation by employees helping to put them on a
better path towards their day one of retirement.”
Prudential helped address the long-term viability of Moffitt’s 401(a)
and 403(b) plans by implementing fundamental plan changes that include
auto-enrollment, auto-acceleration and a new employer match formula.
Since implementation, Moffitt increased participation by 50 percent and
has seen increases in deferral rates across the cancer center, with
almost 30 percent of team members now contributing 10 percent of their
compensation or more to the plan.
“While lowering our overall financial exposure was certainly a
consideration, the low deferral rates for many of our employees and our
concern for their ability to realize a successful retirement outcome was
the true impetus for enhancing our plan,” said Michele Talka, director
of HR Operations for Moffitt.
Located in Tampa, Moffitt is recognized for excellence in research, its
contributions to clinical trials, prevention and cancer control. Moffitt
is the No. 1 cancer hospital in Florida and has been listed in U.S. News
& World Report as one of “America’s Best Hospitals” for cancer since
1999. With more than 4,200 employees, Moffitt has an economic impact on
the state of nearly $2 billion. For more information, visit MOFFITT.org.
Prudential Retirement delivers retirement plan solutions for public,
private, and nonprofit 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 more than 3.8 million
participants and annuitants. Prudential Retirement has $301.8 billion in
retirement account values as of June 30, 2013. Retirement products and
services are provided by Prudential Retirement Insurance and Annuity
Company, Hartford, Conn., or its affiliates.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader, 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 http://www.news.prudential.com/.
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Copyright Business Wire 2013