Prudential Retirement, a business unit of Prudential Financial, Inc., announced that the North Carolina Retirement Systems, a government retirement plan for public employees in North Carolina, has chosen to stay with Prudential as recordkeeper for another five-year term for its NC 457 and NC 401(k) plans. Prudential Retirement became recordkeeper for the plans in 2003.
The current contract will expire in December 2015, with the new contract becoming effective in January 2016. Mercer Investments will continue to serve as the advisor to the plans. Participants in the plans will continue to have access to Prudential's recordkeeping and communications services along with its asset allocation tools.
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The NC 457 and NC 401(k) plans, which serve more than 1,100 state and local government employers in North Carolina, total $9.1 billion in assets. The North Carolina Retirement Systems has 52,637 participants in its NC 457 plan with more than $1.1 billion in assets as of March 31. Its NC 401(k) plan has 249,314 participants with more than $8 billion in assets.
Prudential Retirement has $365.3 billion in retirement account values as of March 31, 2015. In addition to the services provided to the North Carolina Retirement Systems, the firm also offers defined contribution, defined benefit and nonqualified deferred compensation recordkeeping, administrative services, investment management, mployee education and communications and trustee services. It also offers a variety of products and strategies that include institutional investment and income products, pension risk transfer solutions and structured settlement services.
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