Prudential Retirement Selected to Administer New Jersey State Employees Deferred Compensation Plan

The NJSEDCP contract was awarded after a review of proposals aspart of a competitive bid process managed by the Purchase Bureau,Division of Purchase and Property, on behalf of the Division ofPensions and Benefits and the Division of Investment.

"Prudential's proposal offered a diverse and broad array ofinstitutional investments and state-of-the-art services and tools tosupport the needs of the state employees participating in the Plan,"said John E. McCormac, New Jersey State Treasurer.

"Prudential Retirement is honored and proud to have theopportunity to serve the retirement needs of thousands of New JerseyState employees. We look forward to putting our retirement experienceand resources to work for Prudential's home State of New Jersey," saidJohn Kim, president, Prudential Retirement.

The 42-person team that Prudential will assign to serve the planwill include four dedicated education and enrollment specialistsworking across New Jersey to offer financial education to members inthe plan. Prudential will also offer GoalMaker(SM), an easy-to-useasset-allocation program that will help plan members select andmaintain an appropriate mix of institutional investments.

The Division of Pensions and Benefits has internally administeredNJSEDCP since 1986, and the Division of Investment has managed thePlan's investments since the Plan's inception in 1982.

In partnership with the Division of Pensions and Benefits,Prudential will begin a comprehensive and ongoing communication effortto inform current and prospective members of the change and theopportunities associated with this transition. More than 30,000 state(or eligible agency, authority, commission or instrumentality)employees currently participate in the Plan. There are 146,000eligible public sector employees. The Deferred Compensation Plan has$1.5 billion in assets.

Prudential Retirement delivers retirement plan solutions forpublic, private, and non-profit organizations. Services includestate-of-the-art record keeping, administration, investmentmanagement, comprehensive employee investment education andcommunications, and trustee services. With over 80 years of retirementexperience, Prudential Retirement meets the needs of two milliondefined contribution participants and more than one million definedbenefit participants and annuitants. Prudential Retirement has morethan $132 billion in retirement account values as of June 30, 2005.

Prudential Financial companies, with approximately $511 billion intotal assets under management as of June 30, 2005, serve individualand institutional customers worldwide and include The PrudentialInsurance Company of America, one of the largest life insurancecompanies in the United States. These companies offer a variety ofproducts 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 moreinformation, visit www.prudential.com.