Prudential Retirement Expands Actuarial Consulting Capabilities with New Hires, Actuarial Fellows, Emphasis on Tax-Exempt Market

Business Wire, Dec 2, 2004

NEWARK, N.J. -- Prudential Retirement, a business of Prudential Financial, Inc. (PRU), has significantly enhanced its actuarial consulting capabilities, with the addition of two senior actuarial consultant hires, the successful accreditation of four staff members as Fellows of the Society of Actuaries (FSAs), and expanded actuarial consulting services for the Tax-Exempt retirement market.

"As the leading Defined Benefit (DB) outsourcer in the retirement business, we are very excited about this advanced array of actuarial talent that we can now align against our clients' needs for services," said Scott Sleyster, executive vice president, Prudential Retirement.

Prudential Retirement recently appointed Vincent Grillo, an associate of the Society of Actuaries (ASA), as Actuarial Team Leader and vice president, and Patrick Landry, FSA, as Senior Consulting Actuary and vice president. Grillo joined Prudential from Fidelity, and Landry most recently worked at Mercer Human Resources.

"We are very pleased to welcome such seasoned actuarial veterans as Vin Grillo and Patrick Landry," said Sleyster. "As the new Prudential Retirement moves more aggressively into DB plan servicing and outsourcing, we are convinced that Vin and Patrick will provide superior service to our growing book of outsourced DB plans."

In addition, Prudential Retirement's Actuarial Services team recently added four FSA designations to its in-house team, as Michael Brown, Jason Gay, David Pappalardo, and Donald Widger successfully attained this coveted distinction. These new FSAs bring Prudential Retirement's total number of FSAs to 11, one of the largest teams of actuarial consultants within any organization in the retirement business, said Sleyster.

Prudential Retirement delivers retirement plan solutions for public, private, and non-profit organizations. Services include state-of-the-art recordkeeping, administration, investment management, comprehensive employee investment education and communications, and trustee services. With over 75 years of retirement experience, Prudential Retirement meets the needs of two million defined contribution participants and more than one million defined benefit annuitants. Prudential Retirement has $124 billion in retirement account values as of September 30, 2004.

Prudential Financial companies, with approximately $470 billion in total assets under management as of September 30, 2004, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.