Prudential to Fulfill $221 Million in Retirement Promises for Sound Retirement Trust in Industry’s First Multiemployer Pension Risk Transfer
Prudential Insurance Company of America has been chosen for an industry-first multiemployer plan pension risk transfer (PRT) to fulfill retirement benefit promises for the Sound Retirement Trust. This groundbreaking transaction will settle approximately $221 million of pension liabilities and provide retirement security for about 8,700 retirees and their beneficiaries.
The Sound Retirement Trust is a Seattle-based joint labor-management board that provides retirement benefits for grocery workers. This Taft-Hartley plan allows union workers to transfer between jobs with minimal disruption to their retirement plan participation. Prudential will assume responsibility for paying retirement benefits to the affected retirees and beneficiaries starting September 1, 2024.
Prudential, a leader in the pension risk transfer market since 1928, has been involved in several major transactions, including those with General Motors, Verizon, HP Inc., IBM, and Shell USA.
Prudential Insurance Company of America è stata scelta per un piano multi-employer di trasferimento del rischio pensionistico (PRT), un'innovazione nel settore, per mantenere le promesse relative ai benefici pensionistici del Sound Retirement Trust. Questa transazione pionieristica risolverà circa 221 milioni di dollari di passività pensionistiche e garantirà sicurezza pensionistica per circa 8.700 pensionati e i loro beneficiari.
Il Sound Retirement Trust è un consiglio congiunto di lavoro e gestione con sede a Seattle che offre benefici pensionistici ai lavoratori di negozi di alimentari. Questo piano Taft-Hartley consente ai lavoratori sindacalizzati di trasferirsi tra posti di lavoro con un intervento minimo nella loro partecipazione al piano pensionistico. Prudential assumerà la responsabilità di pagare i benefici pensionistici ai pensionati e ai beneficiari interessati a partire dal 1 settembre 2024.
Prudential, leader nel mercato del trasferimento del rischio pensionistico dal 1928, è stata coinvolta in diverse transazioni significative, tra cui quelle con General Motors, Verizon, HP Inc., IBM e Shell USA.
Prudential Insurance Company of America ha sido elegida para un plan de transferencia de riesgo de pensiones (PRT) multiempleador, una primicia en la industria, para cumplir con las promesas de beneficios de jubilación del Sound Retirement Trust. Esta transacción innovadora liquidará aproximadamente 221 millones de dólares en pasivos de pensiones y proporcionará seguridad de jubilación a aproximadamente 8,700 jubilados y sus beneficiarios.
El Sound Retirement Trust es una junta de trabajo y gestión conjunta con sede en Seattle que proporciona beneficios de jubilación a los trabajadores de supermercados. Este plan Taft-Hartley permite a los trabajadores sindicalizados trasladarse entre empleos con una mínima interrupción en su participación en el plan de pensiones. Prudential asumirá la responsabilidad de pagar los beneficios de jubilación a los jubilados y beneficiarios afectados a partir del 1 de septiembre de 2024.
Prudential, líder en el mercado de transferencia de riesgo de pensiones desde 1928, ha estado involucrada en varias transacciones importantes, incluidas las de General Motors, Verizon, HP Inc., IBM y Shell USA.
프루덴셜 보험회사(Prudential Insurance Company of America)가 다중 고용주 연금 위험 이전(Transfer of Risk, PRT) 프로그램의 산업 최초로 사운드 은퇴 신탁(Sound Retirement Trust)의 퇴직 연금 보장 약속을 이행하기 위해 선정되었습니다. 이 획기적인 거래는 약 2억 2100만 달러의 연금 부채를 해결하고 약 8,700명의 퇴직자 및 그 수혜자들에게 퇴직 보장을 제공할 것입니다.
사운드 은퇴 신탁은 시애틀에 본사를 둔 노동-관리 합동 위원회로, 식료품점 근로자들에게 퇴직 혜택을 제공합니다. 이 타프트-하틀리 법안에 기반한 계획은 노조원들이 퇴직 계획 참여에서 최소한의 방해를 받으면서 직업 간 이동을 가능하게 합니다. 프루덴셜은 영향을 받는 퇴직자들과 수혜자들에게 2024년 9월 1일부터 퇴직 혜택을 지급할 책임을 집니다.
프루덴셜은 1928년 이래 연금 위험 이전 시장의 선두주자로, 제너럴 모터스, 버라이즌, HP Inc., IBM, 셸 USA와 같은 여러 주요 거래에 참여해 왔습니다.
Prudential Insurance Company of America a été choisie pour un transfert de risque de retraite (PRT) de plan multi-employeurs, une première dans l'industrie, afin de répondre aux promesses de prestations de retraite du Sound Retirement Trust. Cette transaction innovante réglera environ 221 millions de dollars de passifs de pension et offrira une sécurité de retraite à environ 8 700 retraités et leurs bénéficiaires.
Le Sound Retirement Trust est un conseil de travail-conjoint basé à Seattle qui fournit des prestations de retraite pour les travailleurs des épiceries. Ce plan Taft-Hartley permet aux travailleurs syndiqués de changer d'emploi avec une perturbation minimale de leur participation au plan de retraite. Prudential assumera la responsabilité de verser les prestations de retraite aux retraités et bénéficiaires concernés à partir du 1er septembre 2024.
Prudential, un leader sur le marché du transfert de risque de pension depuis 1928, a été impliqué dans plusieurs grandes transactions, y compris celles avec General Motors, Verizon, HP Inc., IBM et Shell USA.
Prudential Insurance Company of America wurde für einen branchenweit ersten Pensionsrisiko-Transfer (PRT) für einen Mehrarbeitgeberplan ausgewählt, um die Rentenleistungsversprechen des Sound Retirement Trust zu erfüllen. Diese bahnbrechende Transaktion wird etwa 221 Millionen Dollar an Pensionsverbindlichkeiten beilegen und rund 8.700 Rentnern sowie deren Begünstigten Rentensicherheit bieten.
Der Sound Retirement Trust ist ein mit Sitz in Seattle ansässiger gemeinsamer Arbeitsverwaltungsrat, der Rentenleistungen für Lebensmittelbeschäftigte bereitstellt. Im Rahmen dieses Taft-Hartley-Planes können Gewerkschaftsmitglieder mit minimalen Unterbrechungen in ihrer Teilnahme am Rentenplan zwischen Arbeitsplätzen wechseln. Prudential wird ab dem 1. September 2024 die Verantwortung für die Zahlung der Rentenleistungen an die betroffenen Rentner und Begünstigten übernehmen.
Prudential, seit 1928 führend im Markt für den Pensionsrisiko-Transfer, war an mehreren großen Transaktionen beteiligt, darunter mit General Motors, Verizon, HP Inc., IBM und Shell USA.
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The transaction will settle approximately
“Prudential is proud to help protect the life’s work of these Sound Retirement Trust retirees, who literally spent their careers helping to feed Americans,” said Glenn O’Brien, head of Institutional Retirement Strategies Distribution at Prudential. “We are excited for the opportunity to apply Prudential’s deep retirement experience and leadership to help these individuals have a secure retirement, so they can live a better life, longer.”
Multiemployer pension plans, like the one sponsored by the board of trustees of Sound Retirement Trust, are retirement programs jointly offered by contributing employers and labor unions and are often referred to as Taft-Hartley plans. The Taft-Hartley Act of 1947 allows employers in the same industry, such as construction or transportation, or in this case, the retail food industry, to contribute to a retirement plan for union members based on a collective bargaining agreement. Under these plans, union workers can transfer from job to job with minimal disruption in retirement plan participation, as long as their employers have bargained to contribute to the same retirement plan.
“The decision to purchase a group annuity contract to cover 8,700 United Food and Commercial Workers (UFCW) retirees of the Sound Retirement Trust was determined over a year of careful due diligence and deliberation,” said union trustee and president of UFCW Local 3000, Faye Guenther. “Prudential was selected because of its historic track record as one of the safest annuity providers to guarantee pension benefit payments in the United States.”
“The thoughtful approach by the board of trustees resulted in a win-win for their retirees. The retirees who will receive payments from Prudential benefit from having their benefits secured by one of the leading providers in the PRT industry,” said Michael Clark, chief commercial officer at Agilis and annuity placement consultant to the board for this transaction. “For the participants that remain in the multiemployer plan, they benefit from the improved net cash flow and reduced funded status risk.”
Under the terms of the agreement in this transaction, The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (NYSE: PRU) will assume responsibility for paying retirement benefits to this transaction’s population of Sound Retirement Trust retirees and their beneficiaries beginning Sept. 1, 2024.
Prudential has been an innovator and leader in the pension risk transfer market since 1928, collaborating with clients to deliver solutions that meet each organization’s unique needs to help them de-risk and meet their financial objectives.
Prudential revolutionized the modern pension risk transfer market with its pioneering pension buyouts with General Motors and Verizon in 2012. Many similar transactions followed, including HP Inc. in 2021, IBM in 2022 and, most recently, Shell
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately
With nearly 100 years of retirement experience, the Retirement Strategies team at Prudential delivers industry-leading solutions for growth and protection to more than 2.5 million individual and institutional customers.1 The business expands access to retirement security through its Individual Retirement protected accumulation and income strategies and its Institutional Retirement lines of business spanning
1 As of June 30, 2024.
© 2024 Prudential Financial, Inc. and its related entities. Prudential, Prudential Retirement Strategies, the Prudential logo, the Rock symbol and Rock Solid are service marks of PFI and its related entities, registered in many jurisdictions worldwide.
Insurance products are issued by The Prudential Insurance Company of America (PICA),
ABOUT SOUND RETIREMENT TRUST
The Sound Retirement Trust provides employees across
ABOUT AGILIS
Agilis provides actuarial and investment consulting using a strategic approach to create innovative solutions for its clients, leading them on the journey through implementation. Focused on solutions entailing outsourced CIO (OCIO), actuarial and investment consulting, derivatives management, specialty investment management strategies, pension administration services, annuity buyouts and plan terminations, and pooled employer 401(k) consulting, Agilis finds dynamic solutions that create financial momentum for its clients and create breakthrough strategies to seize growth opportunities. For more information, please visit agilis.llc.
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MEDIA CONTACT – PRUDENTIAL
Claire Currie
973-802-4040
claire.currie@prudential.com
Source: Prudential Financial, Inc.
FAQ
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