Administration August 11, 2002

Pru Shuts Down WorkingSolutions Voluntary Benefits

November 8, 2002 (PLANSPONSOR.com) - Blaming rising health care costs and corporate officials more focused on a traditional benefits package, Prudential Financial is shutting down its WorkingSolutions voluntary benefits platform.
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In its announcement, Prudential said it had decided to reemphasize on its core group insurance benefits business instead of the voluntary WorkingSolutions package that included:

  • discounted insurance
  • investment, banking, and real estate products
  • education, planning and advisory resources.

“Employers are increasingly focused on making available a robust benefits offering of life insurance and disability insurance, rather than products readily available to employees outside of the workplace,” the company said in a statement.

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Prudential said it is studying its staffing levels based on the new market strategy and that a staffing decision should be made by the second quarter of 2003.

The company said it would work with existing WorkingSolutions customers to find alternatives. The phase out of WorkingSolutions should be completed by April 1, 2003, Prudential said.

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