SEPTA chooses Prudential Retirement to oversee $226M public sector retirement plan
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 industry’s largest record keepers, is a business unit of Prudential Financial,
Inc. (NYSE:
PRU).
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Scott Gaul, Prudential Retirement (Photo: Business Wire)
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 Committee’s 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
Prudential’s participant communication material, commitment to on-site participant servicing and investment and record-keeping
platform, were determining factors in the committee’s decision.”
Prudential Retirement’s 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.
About Prudential
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. 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
news.prudential.com.
1 Prudential Financial data as of 12/31/2016.
1008873-00001-00
MEDIA:
Prudential Financial
Monique Freeman, 973-802-3745
monique.freeman@prudential.com
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