The contract supports Prudential’s strong portfolio in the health care industry, where it currently oversees $23.2 billion in assets across 784 plans
Prudential Retirement will continue its decade-long relationship with Prisma Health, South Carolina’s largest not-for-profit health organization serving more than 1.2 million patients annually, as record keeper for its defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc.
As of July 3, 2019, Prudential oversees $1.3 billion in retirement assets covering 18,000 employees. The contract supports Prudential’s strong portfolio in the health care industry, where it currently oversees $23.2 billion in assets across 784 plans, helping more than 470,000 health care workers achieve financial wellness.
For Prisma Health, it was Prudential’s seasoned service team, including participant-focused on-site representatives, and customized communications strategy that influenced their selection.
Talent recruitment continues to be a significant challenge for health care organizations. In fact, more than 90% of hospital executives expect a talent shortage to affect their hospital’s ability to deliver high-quality care within the next decade. As the cost of medical school debt increases,2 health care organizations can attract more talent through customized benefits that will ease financial stress.
“Health care leaders are under immense pressure to both innovate within a highly regulated industry and attract top talent for success,” said Michael Knowling, head of Client Relations & Business Development at Prudential Retirement. “Partnerships like the one we’ve established with Prisma Health allow executives to balance operational and personnel priorities.”
Thomas P. Simonson, CEBS, CFP, ChFC, Debra J. Hansen, FCA, ASA, EA, MAAA, and Bob Croy, CLU, CIMA, of Lockton Investment Advisors, LLC are the plan advisors.
Source: Company Press Release