Prudential Retirement adds new clients Hubbard Construction and The Spectranetics Corporation
Prudential Retirement announced today that it has added new plan sponsor clients Hubbard Construction and The Spectranetics Corporation. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU).
“We’re delighted to begin working with Hubbard and Spectranetics,” says Harry Dalessio, senior vice president, Sales and Strategic Relationships, Prudential Retirement. “These latest wins demonstrate Prudential’s capabilities as a recordkeeper and a leader in the retirement services industry. We are pleased to announce these new clients as the newest members of the Prudential family and look forward to helping their employees reach their Day One of retirement.”
Hubbard Construction has 995 plan participants in its defined contribution plan with $35 million in assets. Established in 1920, Hubbard is Florida’s largest heavy civil construction company. The company’s work includes complex highway projects, site development, paving, utility and drainage systems, surveying and bridge building. The company also provides multiple delivery systems in design-build, bid-build, public-private-partnerships and design-build finance.
“We want to make sure our employees have access to the educational materials they need to confidently prepare for retirement,” says Fred O’Dea, chief financial officer at Hubbard Construction. “Prudential’s participant engagement model, coupled with their administrative and recordkeeping services made them a good fit for us.”
Jeff Petrone of SageView Advisory Group was the advisor to Hubbard Construction. The plan transitioned to Prudential Retirement in January.
The Spectranetics Corporation, based in Colorado Springs, CO, has 830 plan participants in its defined contribution plan with $37 million in assets. Spectranetics develops, manufactures, markets and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s clinical solutions are sold in over 65 countries and are used to treat arterial blockages in the heart and legs and in the removal of pacemaker and defibrillator leads.
“We’re pleased to partner with Prudential,” says Robert Fuchs, senior vice president and global head of Human Resources at Spectranetics. “We believe Prudential’s expertise in plan design and leadership position in recordkeeping and administrative services will produce better retirement outcomes for participants in our plan.”
Wayne Roth, senior associate/consultant with Mercer’s Defined Contribution Advisors Team in Colorado, was the advisor to Spectranetics. The plan transitioned to Prudential Retirement in January.
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 $363.8 billion in retirement account values as of December 31, 2014. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or its affiliates.
Prudential Financial, Inc. (NYSE:PRU) , a financial services leader with more than $1 trillion of assets under management as of December 31, 2014, 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.
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