Prisma Health renews partnership with Prudential to oversee $1.3B in retirement assets

Business Wire

NEWARK, N.J.--(BUSINESS WIRE)-- 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. (NYSE: PRU).

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Michael Knowling, Head of Client Relations & Business Development, Prudential Retirement (Photo: Business Wire)

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.¹ 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.

About Prudential Retirement

Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services.

With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.4 million participants and annuitants. Prudential Retirement has $477.5 billion in retirement account values as of Sept. 30, 2019. Retirement products and services are provided by The Prudential Insurance Company of America (PICA), Newark, N.J., or its affiliates.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1 trillion in assets under management as of Sept. 30, 2019, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

About Prisma Health

Prisma Health is a not-for-profit health company and South Carolina’s largest private employer. We are committed to excellence in providing patient care, conducting clinical research and teaching the next generation of physicians, nurses, dentists and other medical professionals. Our organization was formed in late 2017 when Greenville Health System and Palmetto Health joined together, officially becoming Prisma Health in January 2019. With nearly 32,000 team members, 18 hospitals and more than 300 physician practice sites, Prisma Health serves more than 1.2 million patients annually—about one quarter of the state’s population. Our goal is to improve the health of all South Carolinians by improving clinical quality, the patient experience and access to affordable care. Our groundbreaking programs in cardiovascular, diabetes, neuroscience, oncology and orthopedics care—as well as our two renowned Children’s Hospitals—attract patients from throughout the Southeast. Ultimately, we are dedicated to transforming the health care experience for our patients and their families, our team members and our guests by bringing our purpose to life: Inspire health. Serve with compassion. Be the difference. For more information, visit PrismaHealth.org.

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¹ “Beyond the Tipping Point: Hospital Resilience Revisited,” an Economist Intelligence Unit research program sponsored by Prudential, 2017.

² Medical Student Education: Debt, Costs and Loan Repayment Fact Card 2018.