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Electrical Workers union DC plan signs Prudential as new record keeper

Updated with correction

The Joint Industry Board of the Electrical Industry, New York, hired Prudential Retirement as record keeper for the $5.7 billion 401(k) plan of the International Brotherhood of Electrical Workers Local Union 3.

Mark Chanzis, director of administration of the Joint Industry Board, said in an interview that Prudential will assume responsibility July 3 for a five-year contract covering the 401(k) plan, called the Deferred Salary Plan, with 33,000 participants.

The Joint Industry Board — a labor industry organization — administers health and retirement plans for the International Brotherhood of Electrical Workers Local Union 3.

Prudential replaces Transamerica Retirement Solutions, which acquired Mercer's record-keeping business in late 2015. Mercer had been the Joint Industry Board's record keeper, and Transamerica took over Mercer's administration of the 401(k) plan.

Mr. Chanzis said the Joint Industry Board issued an RFP in late 2015. The finalists were Transamerica and Prudential. “It was a close call,” Mr. Chanzis said, describing the vote by the board's trustees. “Transamerica had been an excellent provider.” Prudential, he added, had an edge in providing technology and communications services.