Prudential Financial recently honored five plan sponsors that redesigned their defined contribution retirement programs, helping members to better attain their retirement goals.
Faith Technologies Inc., VSP Vision Care, Knauf Insulations, Rogers Corporation, and International Union of Operating Engineers Local 25 Marine Division were each awarded at Prudential Retirements 2008 biennial gathering in San Antonio, Texas last month.
Faith Technologies Inc, a full service electrical and specialty system contractor, and VSP, a national-wide eye care provider, both increased their defined contribution retirement programs 26% and 47%, respectively, resulting in a rise in participant contributions.
The IUOE, a group of men and women leading dredging projects, also created new savings and profit sharing plans, increasing their plans 36% and receiving contributions greater than last year.
Knauf, a multinational provider of building materials and construction systems, and Rogers, a manufacturer of specialty material based products for communication portable electronics and automotive industries, both added Prudentials Goal Maker asset allocation tool and Prudentials Income Flex application to their investment arrangements, increasing participants rates and contributions.
We salute these plan sponsors for their vision and willingness to help their participants by giving them new tools and strategies to help them live abundant lives in retirement. We can all agree that it starts with savings, said Jamie Kalamarides, senior vice president of Retirement Solutions.