Pru Repackages Retirement

An insurer has come out with a new approach to thinking about employer-sponsored defined contribution retirement plans, in an effort to restore confidence in the viability of the concept.

Prudential Financial Inc., Newark, N.J., says the new “Redefining Retirement” program is “a new model for the design, management and administration of workplace-provided retirement plans.”

The recent financial crisis cost Americans $1 trillion in a retirement savings and has caused plan sponsors, plan participants, and regulators to question the ongoing viability of defined contribution programs, according to Christine Marcks, president of Prudential’s Prudential Retirement business.