Prudential Retirement announced Tuesday that it has added new plan sponsor client Faurecia and that Hartford HealthCare has consolidated 20 defined contribution retirement plans to Prudential Retirement.
"We are pleased to welcome these plan sponsor clients on board,” Harry Dalessio, senior vice president, Strategic Relationships, Prudential Retirement, said.
“These wins demonstrate that Prudential Retirement is a leader in providing plan sponsors and intermediaries with bundled, full service retirement plan solutions that can ultimately help all of their participants reach their day one of retirement.”
Faurecia has 4,800 plan participants in its defined contribution plan, with $200 million in assets, and more than 2,000 plan participants in its defined benefit plan, with $45 million in assets.
The sixth largest automotive manufacturer in the world, Faurecia has 320 sites including 30 R&D centers in 34 countries around the world.
"After a thorough survey of the market, we went with Prudential because of its proven success in the defined contribution and defined benefit space,” Ann Conigliaro, Director, Compensation & Benefits, North America at Faurecia USA Holdings, said.
“The services they offer align with our needs and their recordkeeping platform tools enable our plan participants to engage more and better understand how they are progressing toward their retirement goals.”
Hartford HealthCare is Connecticut’s most comprehensive health system, with five acute-care hospitals and a broad range of health care operations. With $350 million in retirement plan account assets, the plan currently has 16,000 plan participants.
Prudential previously managed five plans for the Central Connecticut Hospital Association (CCHA), which was then acquired by Hartford HealthCare. In 2013, Hartford HealthCare decided to consolidate all 26 of its ERISA DC Plans with one provider, which led to Prudential Retirement gaining Hartford HealthCare (HHC) as a client.
"We are proud to continue our partnership with Prudential, which will allow Hartford HealthCare to better meet the needs of plan participants,” Antell Mitchell-James, HHC’s Vice President of Compensation, Benefits and HR Operations, said.
“Prudential is always looking for new and creative solutions to improve efficiency and enhance the user experience, which will create better outcomes for our plan participants.”