Los Angeles Lakers had recently implemented Prudential’s after-tax emergency savings feature
Image: Michael Knowling. Photo: Courtesy of Prudential Financial, Inc.
Prudential Retirement will continue its nearly 25-year-long relationship with the Los Angeles Lakers, the 16-time NBA Champion franchise team, as record keeper for its defined contribution retirement plan. Prudential Retirement is a business unit of Prudential Financial.
Prudential oversees $30 million in retirement assets covering 295 employees. The Los Angeles Lakers credit Prudential’s long-term, trusted partnership as a key component to the renewed contract, as well as its financial wellness capabilities. The organization recently implemented Prudential’s after-tax emergency savings feature.
“It was a natural decision to continue our long-standing relationship with Prudential Retirement,” said Joseph McCormack, SVP of Finance and CEO of the Los Angeles Lakers. “We trust the company’s counsel, and its commitment to financial wellness allows us to support our employees in new, impactful ways.”
For the majority of American workers, retirement plans have become their largest and most liquid source of savings, tempting many to take loans from their 401(k)s when emergencies like medical bills or car repairs arise. That’s why Prudential Retirement launched its after-tax, payroll-contributed emergency savings feature for DC plan clients, which allows employees to save and access money they need in the short term without impacting their retirement readiness.
“We know how financial stress affects employees through absenteeism and lost productivity,” said Michael Knowling, head of Client Relations & Business Development at Prudential Retirement. “Partnerships like the one we’ve established with the Los Angeles Lakers allow employers to think differently about their retirement plans and help employees manage pressing financial needs.”
Source: Company Press Release