In Open Letter, Prudential Appeals to Corporate Leaders on Financial Wellness

Prudential is advocating on behalf of tens of millions of American workers who lack 401(k) plans and other workplace benefit protections.

Nearly six in every 10 American workers are stressed about their current financial situation[1]—and Prudential (No. 15 on the DiversityInc Top 50 Companies list) is calling on all U.S. employers to do something about that stress.


In a pre-Thanksgiving "Open Letter to Employers in America," that debuted November 21 in print editions of major publications across the country, including The Wall Street Journal and The New York Times, Prudential is advocating on behalf of tens of millions of American workers who lack 401(k) plans and other workplace benefit protections.

"The prosperity we celebrate each Thanksgiving cannot be taken for granted; it is the legacy of generations who came before us, pursuing the promise that hard work can create a better life," the letter reads. "But how do we keep that promise within reach, when innovation and structural shifts are transforming work faster than the nation's policies and safety nets can keep pace?"

The letter was crafted as part of Prudential's holistic approach to Financial Wellness, including its $5 million commitment to partnership with the Aspen Institute, a non-partisan forum for values-based policy leadership. The partnership was created to boost financial security for all American workers, and the letter outlines the company's belief in the need to build new paths to prosperity for them.

"Our relationship with Aspen is part of our efforts to help broaden the national conversation about reconnecting work and wealth," says Lata Reddy, senior vice president, Diversity, Inclusion & Impact. "Aspen is a convener of thinkers representing a cross-section of American society. Together, we're bringing the issue to the forefront to develop solutions to the financial challenges faced by American workers."

To keep the conversation about the importance of workplace benefits top of mind this holiday season, Prudential will publish an updated version of the letter in print editions of major publications on December 6.

Read Prudential's open letter to U.S. employers here.

Want to talk to someone at Prudential about its financial wellness initiatives? Contact Discretion Winter.

Prudential: PGIM Real Estate enters San Francisco Bay Area Multifamily Joint Venture with CityView Managed Client

PGIM Real Estate, acting on behalf of an institutional real estate investor, is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc.

Originally Published by Prudential Financial.

PGIM Real Estate has formed a joint venture with a public pension fund client of CityView to acquire a 50 percent interest in a portfolio of five Class A multifamily properties in the San Francisco Bay Area. The portfolio is valued at approximately $500 million. PGIM Real Estate, acting on behalf of an institutional real estate investor, is the real estate investment business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc.

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Prudential: Stable Value Funds a New Trend in College Savings

Why are an increasing number of states making stable value the conservative investment option in their 529 plans?

Originally Published by Prudential.

For years, many 529 plans offered money market funds as their conservative investment option. Now, they're increasingly replacing them with stable value funds, investment vehicles wrapped in insurance contracts that guarantee a specific minimum return. A new white paper from Prudential Financial, Inc., "529 Plans: Assessing the Stable Value Option", examines why.

Plans in 26 states currently include a stable value fund. Among the recent converts are Iowa's College Savings Iowa plan and Connecticut's CHET Advisor plan, both of which jettisoned money market funds in favor of stable value offerings in 2017. Indiana's CollegeChoice 529 Direct Savings Plan made the same change to stable value in late 2016.

The growing interest in stable value may be explained by the fact that some administrators of 529 plans are familiar with its use in state-sponsored 403(b) and 457 retirement savings plans. Stable value funds have been highly popular for decades in the defined contribution retirement plan market, where they account for more than $700 billion in total retirement plan assets.

With their relatively short investment horizons, many participants in 529 plans place a premium on protecting their principal. At the same time, they appreciate seeing their account grow in value. Stable value addresses these twin priorities with:

  • Book-value guarantees that help assure access to principal and accumulated interest, regardless of financial market conditions
  • Crediting-rate formulas that can smooth out the impact of market volatility on investment returns
  • Returns that historically have outperformed those of the most common conservative investment option, money market funds, helping put 529 plan participants closer to achieving their investment goals

As 529 plans become increasingly popular, many plan administrators may find adding a stable value option to their investment lineup a competitive necessity—especially in the wake of recent tax law changes.

Under the Tax Cuts and Jobs Act of 2017, qualified uses for 529 plan assets have been expanded to include not just postsecondary education but also qualified K-12 expenses—up to $10,000 per year. With that change, some parents may find themselves tapping their 529 assets sooner than anticipated. If so, their keen focus on principal guarantees—and the appeal of stable value funds—may only be heightened.

New York Red Bulls Sign 12 Players from Special Olympics New Jersey Red Bulls and Prudential Partner on Unified Program

"This program promotes wellness in our community—physical, social, emotional—inspiring us to find ways to overcome challenges and become powerful forces for change."

Originally Published by Prudential Financial, Inc.

The New York Red Bulls, in partnership with Prudential Financial, Inc., have signed 12 athletes from Special Olympics New Jersey to two-game contracts, the club announced. Prudential Financial is the proud presenting partner of the Red Bulls Special Olympics Unified Team.

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