Prudential Retirement announced today that the North Carolina Retirement
Systems, a government retirement plan for public employees in North
Carolina, has recommitted its NC 457 and NC 401(k) plans totaling $9.1
billion in assets to Prudential Retirement. Prudential Retirement is a
business unit of Prudential Financial, Inc. (NYSE: PRU).
The North Carolina Retirement Systems has 52,637 participants in its NC
457 plan with more than $1.1 billion in assets as of March 31. Its NC
401(k) plan has 249,314 participants with more than $8 billion in
assets. The plans serve more than 1,100 state and local government
employers in North Carolina. Prudential Retirement became the plan’s
recordkeeper in 2003.
“We are pleased that the North Carolina Retirement Systems will continue
to work with us,” says Sean McLaughlin, vice president, Client Relations
and Business Development, Total Retirement Solutions at Prudential
Retirement. “This renewal demonstrates our capabilities as a premier
provider of recordkeeping and communications services. It also
illustrates that our asset allocation tools, such as Goalmaker, which
the North Carolina plans will continue to use, are valued by our
clients.”
The Request for Proposal was awarded to Prudential Retirement on March
19. The current contract will expire in December 2015, with the new
contract becoming effective in January 2016. Mercer Investments will
continue to serve as the advisor to the plans.
“Continuing to increase retirement readiness for our state’s public
employees is a top goal of the Department of State Treasurer. Prudential
is a strong partner in this effort and we look forward to working with
them,” says Janet Cowell, North Carolina State Treasurer.
Prudential Retirement delivers retirement plan solutions for public,
private, and nonprofit organizations. Services include defined
contribution, defined benefit and non-qualified 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 over 85 years of
retirement experience, Prudential Retirement helps meet the needs of 4.0
million participants and annuitants.
Prudential Retirement has $365.3 billion in retirement account values as
of March 31, 2015. Prudential Financial, Inc. (NYSE:PRU), a financial
services leader with more than $1 trillion of assets under management as
of March 31, 2015, 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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