Prudential to fulfil $221m in retirement promises for Sound Retirement Trust
Written by Adam Cadle
30/08/2024
The Prudential Insurance Company of America has been selected in an industry-first multiemployer plan pension risk transfer (PRT) to fulfil retirement benefit promises for the Sound Retirement Trust, a Seattle-based joint labour-management board of trustee that provides grocery worker of contributing employers with retirement benefits.
The transaction will settle around $221m of Sound Retirement Trust pension liabilities and provide added retirement security for around 8,700 retirees and their beneficiaries.
“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.”
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