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Retirement Planning > Retirement Investing

Prudential Wins $5.7 Billion Retirement Services Client

By Allison Bell

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A unit of Prudential Financial Inc. has won a recordkeeping contract with a New York-based union retirement plan that oversees $5.7 billion in assets for about 33,000 participants.

The company’s Prudential Retirement division is preparing to take charge of recordkeeping for the Joint Industry Board 401(k) plan July 3.

(Related: 5 Uses for Life Insurance That Most People Haven’t Thought Of)

The Joint Industry Board is running the retirement plan for the International Brotherhood of Electric Workers Local Union Number 3.

Transamerica, a unit of Aegon N.V., The Hague, Netherlands, was the previous recordkeeper.

Prudential Retirement now manages $23.5 billion in retirement plan assets for 204 union plans with 460,000 union members, the company says. The unit manages retirement plans of all kinds with about $395 billion in total retirement account value.

Harry Dalessio is the head of sales for the retirement services unit.

Prudential Retirement has made a number of other high-profile announcements in the past six months.

The unit announced that it won three new defined contribution retirement plan clients, including Caliber Collision, a Texas collision repair company with $70 million in plan assets and Legal Services N&C of New York City, which has $37 million in plan assets.

Prudential Retirement also announced a new relationship with a third client, Wilkinson Barker Knauer LLP, a law firm in Washington. That plan did not release its asset total but has about 160 plan participants.

The parent company announced in May that it had picked Phil Waldeck to succeed Christine Marcks as president of the retirement unit. Marcks has decided to retire, Prudential said.

Waldeck was head of Prudential Retirement’s investment and pension solutions division. The company picked Yanela Frias, the head of division’s structured settlements team, to take over from Waldeck as head of investment and pension solutions.

Later in May, Prudential Retirement held a press conference in New York to publicize its efforts to promote the concept of financial wellness.

— Read Prudential Aims to Improve Retirement Saving Hygiene on ThinkAdvisor.

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