Prudential wins 2016 CIO Industry Innovation Award
Prudential Retirement’s pension risk transfer team, led by Phil Waldeck, continues to garner accolades, this time at Chief Investment Officer Magazine’s Industry Innovation Awards. The publication named Prudential the winning innovator in Corporate Liability Strategies, citing the company’s “continued dominance” of the pension risk transfer space. This is the fourth time Prudential's pension risk transfer team has been awarded the Innovation award.
The magazine praised Prudential for its “experience and success” in forging “a number of large-scale deals in 2016—most notably WestRock’s $2.5 billion risk transfer and United Technology’s nearly $800 million buy-out, among other reinsurance and annuity deals.” These transactions, said the magazine, “made them a clear innovator in the field.”
Accepting the award was Peggy McDonald, senior vice president and actuary, and Glenn O’Brien, managing director and head of U.S. distribution. The ceremony and dinner were held at the New York Public Library’s Stephen A. Schwarzman Building on December 12, 2016.
Prudential Retirement was also a finalist in the Defined Contribution category. CIO Magazine praised Prudential for continuing to “push into lifetime income options/solutions—and educating plan sponsors” on such topics.
The publication cited the firm “for solutions that allow employees to pay off student loan debt as well as save for retirement,” which “made Prudential stand out in the category as a firm constantly innovating to find meaningful ways to help resolve the American retirement challenges.”