Genesis Healthcare, Inc. selects Prudential to oversee $1.1B in retirement assets

Rhea-AI Summary

Genesis Healthcare, a major post-acute care provider with over 325 centers, has chosen Prudential Retirement as the record keeper for its defined contribution retirement plans. Prudential will manage Genesis' $1.1 billion in retirement assets for over 22,000 employees. This move enhances Prudential's portfolio in the healthcare sector, where it oversees $20.1 billion across 563 plans. Prudential aims to support Genesis' employee financial wellness through innovative retirement solutions addressing unique workforce needs.

Positive

• Prudential Retirement selected as record keeper for Genesis Healthcare's retirement plans.
• Prudential manages $1.1 billion in assets for over 22,000 Genesis employees.
• Enhances Prudential's portfolio in the growing healthcare sector, managing $20.1 billion across 563 plans.
• Focus on financial wellness and retirement readiness to aid employee recruitment and retention.

Negative

• None.

Genesis Healthcare, Inc. (Genesis), one of the nation’s largest post-acute care providers with more than 325 skilled nursing centers and senior living communities in 24 states nationwide, has selected Prudential Retirement as record keeper for its defined contribution retirement plans. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

Michael Domingos, Head of Sales and Strategic Relationships, Prudential Retirement (Photo: Business Wire)

As of Nov. 18, 2020, Prudential oversees Genesis’ $1.1 billion in retirement assets covering more than 22,000 employees across two plans. The contract adds to Prudential’s robust portfolio in the healthcare industry, where it currently oversees $20.1 billion in assets across 563 plans, helping more than 401,800 healthcare workers achieve financial wellness. Jim Edwards, AIF^®, principal and financial advisor at CAPTRUST, is the advisor to the plan.

For Genesis, it was Prudential’s solid understanding of their organization, people and needs, as well as its thoughtful and detailed plan design analysis that influenced their selection.

“We needed a recordkeeper who could offer creative solutions for the unique needs of our employees,” said Karen Halsted, vice president of corporate human resources at Genesis. “When Prudential presented a new, two-plan design structure, we knew their expertise was exactly what we were looking for.”

The U.S. Bureau of Labor Statistics projected that the number of healthcare jobs will grow more than any other occupation¹ between 2019 and 2029, adding about 2.4 million jobs. This highlights a significant hiring challenge for the industry even prior to COVID-19. As healthcare organizations look to recruit and retain talent in a post-pandemic job market, emphasis on financial wellness and retirement readiness will provide a competitive advantage. In fact, Prudential’s 2020 Plan Sponsor Pulse Survey found that employee recruitment and retention was one of the top three reasons² employers offer retirement plans.

“Healthcare leaders are experiencing unparalleled pressure to support their workers physically, emotionally and financially,” said Michael Domingos, head of Sales and Strategic Relationships at Prudential Retirement. “Prudential’s three-pronged retirement plan approach—plan design, financial wellness and income—addresses employees’ critical short- and long-term financial needs, allowing our partners like Genesis to focus on other critical business and operational priorities.”

For more information, visit www.prudential.com/employers/retirement.

About Prudential Retirement

Prudential Retirement delivers retirement plan solutions for public, private, and nonprofit organizations. Services include defined contribution, defined benefit and nonqualified deferred compensation record keeping, administrative services, investment management, comprehensive employee education and communications, and trustee services, as well as a variety of products and strategies, including institutional investment and income products, pension risk transfer solutions and structured settlement services. With more than 85 years of retirement experience, Prudential Retirement helps meet the needs of 4.7 million participants and annuitants. Prudential Retirement has $520 billion in retirement account values as of Sept. 30, 2020. Retirement products and services are provided by The Prudential Insurance Company of America (PICA), Newark, N.J., or its affiliates.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of Sept. 30, 2020, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.

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¹ BLS Occupational Outlook Handbook, Healthcare Occupations: https://www.bls.gov/ooh/healthcare/home.htm
² Prudential’s 2020 Plan Sponsor Pulse Survey: https://news.prudential.com/content/1209/files/2020PSPulseSurveyDCLandscape.pdf

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005153/en/

FAQ

What is Prudential Retirement's role for Genesis Healthcare?

Prudential Retirement has been selected as the record keeper for Genesis Healthcare's defined contribution retirement plans.

How much retirement assets does Prudential manage for Genesis Healthcare?

Prudential manages $1.1 billion in retirement assets for Genesis Healthcare.

How many employees are covered by Prudential's management for Genesis?

Prudential oversees retirement plans for over 22,000 employees of Genesis Healthcare.

What is the significance of Prudential's selection for Genesis Healthcare?

The selection emphasizes Prudential's understanding of Genesis' needs and offers tailored retirement solutions.

How does this partnership affect Prudential's presence in the healthcare industry?

The partnership expands Prudential's portfolio in the healthcare sector, where it manages $20.1 billion across 563 plans.