Prudential Retirement partners with ASPire Financial to make stable value product available to schoo
Prudential Retirement partners with ASPire Financial to make stable value product available to school districts that use the firm as recordkeeper
NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Retirement, a business unit ofPrudential Financial, Inc. (NYS: PRU) , today announced the firm has partnered with ASPire Financial to make Prudential's stable value product available to more than 4,000 school districts that use ASPire as recordkeeper.
"We are pleased to be able to bring our offering to these school districts," said Jamie Kalamarides, senior vice president, Institutional Investment Solutions, Prudential Retirement. "This partnership represents a unique opportunity to distribute this innovative product in the 403(b) space and help teachers and administrators achieve better retirement outcomes."
This partnership underscores Prudential Retirement's commitment to offer the benefits of stable value as an investment option to participants through third-party retirement platforms. Prudential's stable value option for this platform is designed to provide safety of principal, liquidity and a competitive crediting rate that is guaranteed for at least six months.
It was developed to reflect the needs and nuances of the education market, and similar to other ASPire investment options, there are no sales charges or redemption fee. For more than three decades, participants have received the security and performance of Prudential's stable value products, and ASPire's participants can now further diversify their respective portfolios with this option.
ASPire's President and CEO Pete Kirtland comments, "as a leading provider of retirement management solutions and an enabler of retirement outcomes, one of our core objectives is to provide school district employees access to investment options capable of meeting an individual's retirement goals. Our partnership with Prudential represents our continued commitment to offer access to investment products with the unique features and benefits from one of the premier providers in the retirement industry."
"This partnership affirms the strength of Prudential's stable value offering and our willingness to provide this product in new market segments, allowing us to respond to a broader cross-section of retirement needs," said Michael Davis, head of Stable Value, Prudential Retirement.
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 over 85 years of retirement expertise, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $299.4 billion in retirement account values as of March 31, 2013. Insurance products are issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or The Prudential Insurance Company of America (PICA), Newark, NJ. Both are Prudential Financial companies. Each company is solely responsible for its financial condition and contractual obligations.
Prudential Financial, Inc. (NYS: PRU) , a financial services leader with approximately $1.061 trillion of assets under management as of March 31, 2013, 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/.
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