NEWARK, N.J.--(EON: Enhanced Online News)--The Plan Sponsor Council of America has recognized Prudential Retirement and Moffitt Cancer Center for maximizing the efficiency and effectiveness of the center’s retirement plan and increasing the retirement readiness of its participants. Prudential Retirement’s Defined Contribution Optimization service and Moffitt earned the 2013 Gold Signature Award, the council’s most prestigious accolade.
“While lowering our overall financial exposure was certainly a consideration, the low deferral rates for many of our employees and our concern for their ability to realize a successful retirement outcome was the true impetus for enhancing our plan”
Prudential Retirement, a leading provider of retirement solutions for public, private and nonprofit organizations, is a business unit of Prudential Financial, Inc. (NYSE:PRU). Moffitt is the No. 1 cancer hospital in Florida and the only National Cancer Institute-designated Comprehensive Cancer Center based in the state.
“Moffitt was challenged with an issue that many plan sponsors face today,” said Sean McLaughlin, senior vice president, Client Relations and Business Development. “They needed to reduce costs, use available employer contributions more strategically and improve retirement outcomes for their valued employees. Together, we were able to agree upon a comprehensive solution that enhanced features in the plan, realigned matching dollars to achieve their cost goals, and stimulated greater voluntary participation by employees helping to put them on a better path towards their day one of retirement.”
Prudential helped address the long-term viability of Moffitt’s 401(a) and 403(b) plans by implementing fundamental plan changes that include auto-enrollment, auto-acceleration and a new employer match formula. Since implementation, Moffitt increased participation by 50 percent and has seen increases in deferral rates across the cancer center, with almost 30 percent of team members now contributing 10 percent of their compensation or more to the plan.
“While lowering our overall financial exposure was certainly a consideration, the low deferral rates for many of our employees and our concern for their ability to realize a successful retirement outcome was the true impetus for enhancing our plan,” said Michele Talka, director of HR Operations for Moffitt.
Located in Tampa, Moffitt is recognized for excellence in research, its contributions to clinical trials, prevention and cancer control. Moffitt is the No. 1 cancer hospital in Florida and has been listed in U.S. News & World Report as one of “America’s Best Hospitals” for cancer since 1999. With more than 4,200 employees, Moffitt has an economic impact on the state of nearly $2 billion. For more information, visit MOFFITT.org.
Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of more than 3.8 million participants and annuitants. Prudential Retirement has $301.8 billion in retirement account values as of June 30, 2013. Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company, Hartford, Conn., or its affiliates.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.