Market Overview

North Carolina Retirement Systems $9.1B Plan Recommits To Prudential Retirement With 5-year Contract

Share:

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.

Posted-In: News Contracts Press Releases

 

Related Articles (PRU)

View Comments and Join the Discussion!

SinoCoking Releases Preliminary Q4 Financial Result Guidance

Macau Estimates Still Too High, Wells Fargo Sees 10% EPS Downside