Business Editors/Financial Editors
NEWARK, N.J.--(BUSINESS WIRE)--February 12, 2009--Prudential Financial Inc. (NYSE: PRU) said today that the New York Metropolitan Transportation Authority (MTA) has selected Prudential Retirement as the new third party service provider of the agency’s Deferred Compensation and 401(k) plans. Under the terms of the agreement, Prudential Retirement will service $2 billion in total combined plan assets and will deliver retirement planning services to over 47,000 participants. Prudential Retirement is a business of Prudential Financial Inc.
“We are delighted that the New York MTA has selected Prudential Retirement to help its employees achieve a more secure retirement,” said Jamie Kalamarides, senior vice president, Retirement Solutions at Prudential Retirement. “We are extremely pleased to partner with the MTA to offer retirement-planning solutions and services that help MTA employees achieve their long-term financial goals.”
“In today’s uncertain financial times, many of our participants are concerned about how best to plan for and achieve long-term fiscal security, said Mike Jaszcar, Chairman of the MTA Deferred Compensation Program. “We selected Prudential Retirement because we believe they understand the issues facing our participants and have the tools, resources, investment options, educational expertise, and other dedicated support to help individuals find the proper path to an enjoyable retirement.”
The Metropolitan Transportation Authority (MTA) is the largest provider of public transportation services in the United States, supporting the nation's largest regional economy by providing 8.5 million rides a day across a 5,000-square-mile territory. With assets valued at $1 trillion, the MTA and its seven operating agencies – MTA New York City Transit, MTA Long Island Rail Road, MTA Metro-North Railroad, MTA Bridges & Tunnels, MTA Bus Company, MTA Long Island Bus and MTA Capital Construction – facilitate New York City’s lowest-in-the-nation per capita energy consumption. The crown jewel of the MTA’s 711 subway and rail stations is Grand Central Terminal, which the MTA operates via a 280-year lease.
Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With nearly 86 years of retirement experience, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $150.2 billion in retirement account values as of December 31, 2008.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $558 billion of assets under management as of December 31, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com.
Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, CT, or its affiliates.