Market Overview

Hawaii renews agreement with Prudential Retirement to manage $2.4 billion plan

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State of Hawaii officials informed Prudential Retirement that Hawaii has
renewed its contract with Prudential to oversee its State of Hawaii
Deferred Compensation Plan (a.k.a., The Island
$avings Plan)
totaling nearly $2.4 billion in retirement assets.
Prudential Retirement, among the industry's largest recordkeepers, is a
business unit of Prudential Financial, Inc. ((PRU).

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180509005185/en/

Michael Knowling, head of client relations and business development at Prudential Retirement (Photo: ...

Michael Knowling, head of client relations and business development at Prudential Retirement (Photo: Business Wire)

Prudential Retirement has been managing the voluntary plan since 2013,
which currently has 27,919 members, and its Stable Value business has
serviced the plan for more than 30 years. The new three-year
recordkeeping contract became effective April 1, 2018. Wendy Young
Carter and Glenn Ezard of Segal Marco Advisors are the consultants for
the plan.

"Recently, we've seen a significant uptick in public sector employers,
both new and existing clients, choosing to partner with us to help their
employees achieve financial wellness," said Michael Knowling, head of
client relations and business development at Prudential Retirement.
"Hawaii's decision to retain us is indicative of the retirement outcomes
we're driving for their participants and our understanding of their
workforce needs."

Over the past five years, recordkeeping assets for Hawaii's 457(b) plan
have grown from $1.7 billion to nearly $2.4 billion. The plan offers
several investment and plan design features to help participants build
retirement savings, including:

  • GoalMaker, Prudential Retirement's asset allocation tool
  • A custom stable value fund co-managed by INVESCO and the Fixed Income
    Group at Jennison Associates LLC, a wholly owned subsidiary of PGIM,
    the global investment management business of Prudential Financial
  • Dedicated onsite retirement education counselors
  • Online tools and resources designed to help employees achieve
    financial wellness

In addition, Prudential has helped workers in the State of Hawaii plan
save more by holding a series of employee benefit fairs to provide
education and promote participation. Since May 2017, 21% of attendees of
the spring and fall benefits fairs have taken actions to save for their
retirement.

"We're pleased with how our deferred compensation plan has performed,"
said Brian T. Moto, Chairperson, Board of Trustees for the State of
Hawaii Deferred Compensation Plan. "Together with Prudential, we've been
able to help our employees improve their financial well-being and better
prepare for retirement."

Most recently, the
state of Vermont
hired Prudential Retirement as third-party
administrator for the state's five defined contribution plans, totaling
$576 million in plan assets. And Jersey
City, New Jersey
, renewed its contract
with Prudential Retirement for its $208 million governmental retirement
plans.

About Prudential Retirement

Prudential Retirement delivers retirement plan solutions for public,
private, and nonprofit organizations. Services include defined
contribution, defined benefit and non-qualified deferred compensation
recordkeeping, 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 $427.6
billion in retirement account values as of March 31, 2018. Retirement
products and services are provided by Prudential Retirement Insurance
and Annuity Company (PRIAC), Hartford, Conn., or its affiliates.

About Prudential

Prudential Financial, Inc. (NYSE:
PRU
), a financial services leader with more than $1 trillion in
assets under management as of March 31, 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.

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