The Joint Industry Board, a New York-based labor/management organization serving the International Brotherhood of Electrical Workers Local Union No. 3 members and their employers, hired Prudential Retirement to be the recordkeeper for its 401(k) plan.
Prudential Retirement will oversee $5.7 billion in assets covering 33,000 participants, beginning July 3.
“Unions play a critical role in giving their members a voice on workplace issues ranging from compensation and safety to access to employee benefit offerings like retirement plans,” Harry Dalessio, head of sales and strategic relationships at Prudential Retirement, said. “This latest client to retain us is a testament to our deep expertise and commitment to partnering with unions to help improve their members’ long-term financial security.”
According to a recent survey from Prudential and the Economist Intelligence Unit, more than half of union members (51 percent) said unions should focus on protecting the security of pensions and other employee benefits.
Prudential Retirement is one of the industry’s largest recordkeepers and is a leading provider of Taft-Hartley retirement plan solutions. It manages $23.5 billion in assets in Taft-Hartley plans on behalf of 460,000 union members participating in 204 plans.
Overall, Prudential Retirement has $395.5 billion in retirement account assets as of March 31, 2017. It is a business unit of Prudential Financial, Inc.