Prudential Financial Will Enhance Total Retirement Solutions Package

Published: Wed 24 Feb 2010

Wendy Blair

Today, Prudential Retirement announced that it will enhance its Total Retirement Solutions (TRS) package with a new nonqualified plan that offers a number of benefits for the sponsors of retirement plans and their participants.

The new TRS nonqualified product, administered and created by Prudential Financial company MullinTBG, was crafted to better address modern executives' retirement-savings needs and to provide corporations with an affordable way to recruit and retain top talent.

Seasoned executive benefits specialists will support the product, which is also backed by open-architecture funding vehicles and sophisticated recordkeeping. The capabilities of the new nonqualified plan are completely integrated with Prudential's service model and systems to offer a robust, full-service retirement solution with an appealing executive-benefits option.

"MullinTBG's expertise in all facets of nonqualified plan design, administration, funding and communication ensures that we're bringing the most compelling benefit solutions to our clients, to plan participants, and to our advisor partners," said Jamie Kalamarides, senior VP of Retirement Solutions at Prudential Retirement. "With our systems already integrated to provide single sign-on access for account management and reporting, we now have the products, services and organizational alignment to deliver a superior TRS experience."

Prudential pointed out in the press release that although executive compensation is under intense scrutiny in the struggling economy, the majority of highly paid executives still have a substantial retirement savings gap. Prudential's nonqualified retirement product, as part of a comprehensive TRS solution, is an ideal way for corporations to recruit and motivate the best talent.

With the addition of the new nonqualified plan, the TRS offering is now set to provide a comprehensive retirement-savings solution to Prudential's primary market-businesses with over $30 million in retirement plan assets.

Prudential Financial is a leader in the financial services sector with an estimated $667 billion of assets under their management as of December 31, 2009. Prudential maintains operations in the United States, Europe, Latin America, and Asia. Capitalizing on its experience with asset management and life insurance, Prudential is dedicated to helping organizational and individual clients grow and safeguard their wealth. Prudential's businesses provide a number of products and services, including annuities, life insurance, mutual funds, real estate services, investment management, and retirement-related services.

MullinTBG, a Prudential Financial Company, is one of the country's largest suppliers of nonqualified executive benefits, with over 600 customized retirement plans and $20.6 billion in total assets from 60,000 corporate executives. The company's headquarters is in Los Angeles and maintains regional offices in Boston, New York, Baltimore, Chicago, Dallas, and Newport Beach.