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Vice President, Corporate Counsel - IPS/Pension Risk Transfer
January 8, 2018
Newark, New Jersey
Full Time - Senior Attorney
7-10 years experience
Vice President, Corporate Counsel – IPS/Pension Risk Transfer
The Prudential Retirement Legal Team is part of the US Business Law Group of Prudential’s Law Department. We are seeking a highly talented, business savvy and experienced lawyer to join the legal team within Retirement Law that supports the Pension Risk Transfer (PRT) team in Retirement’s Investment & Pension Solutions group. The job title is Vice President, Corporate Counsel and is based out of our Newark Prudential Tower office.
Prudential’s Retirement business provides investment products and services to defined contribution, defined benefit, and non-qualified plans through two principal areas:
The Investment & Pension Solutions group, which provides US pension and international longevity risk transfer solutions to domestic and global Defined Benefit plans (the “PRT Team”), and manufactures stable value and other innovative products for Defined Contribution and other plans and institutions. The Structured Settlement business is also part of the Investment & Pension Solutions group. It sells annuities to fund the payment of periodic payments to recipients of personal injury awards.
The Full Service Solutions group, which manufactures market value investment products, and provides recordkeeping services for Defined Contribution and Defined Benefit Plans.
Pension Risk Transfer products enable a defined benefit plan to transfer its pension liability to Prudential. The risk transfer takes two forms. The “funded” transfer structure, which is most prevalent in the US market, involves the transfer by the pension plan of all of the risks associated with the pension liability in return for one lump-sum premium. The “longevity only” transfer structure, which is most prevalent in overseas pension markets, involves the transfer of the risk that plan participants, as a whole, live longer than usual. The premium payable in longevity transactions is paid periodically.
Retirement Law is seeking a transaction attorney to support the PRT Team. PRT attorneys are responsible for the delivery of focused, technically sound and pragmatic legal support in connection with Prudential’s high-visibility funded and longevity-only risk transfer transactions. In addition, our lawyers play an integral role in managing – and working side-by-side with – highly sophisticated outside counsel, as well as ensuring that the PRT legal team interfaces effectively with other areas of Prudential’s law department to best leverage the high-value internal resources available.
Practice skills necessary for success include managing legal support, from inception to post-closing, for complex transactions in a way that works for Prudential from both operational and regulatory perspectives.
An attorney with substantial experience with mergers and acquisitions, reinsurance transactions, and/or corporate finance, as well as with insurance regulation, is preferred.
The candidate must have an appetite for learning new legal disciplines, and the legal and business talent to deploy new knowledge areas to evolving and innovative transactions with accuracy and efficiency.
Quickly gaining working knowledge of ERISA and of insurance regulatory requirements is critical to job success.
Equally critical is an ability to constructively engage with internal clients, control partners, and external plan customers and intermediaries to shape transaction and product solutions that work for them and for Prudential, and to be able to capture the solution in writing.
In addition to transactional work, the candidate should have an interest in and aptitude for product development, and for supporting in-force operations and controls.
Team members can expect to quickly develop strong collaboration relationships with key PRT and Prudential Retirement business leaders, and to regularly interact with some of the top US law firms.
Given the high profile and intensity of this transactional practice, team members need to be comfortable with lawyering under tight deadlines, and available at times for intense work efforts during business and non-business hours and days.
As a member of Prudential Retirement Law, the candidate can expect to practice in an environment that provides significant intellectual challenge and meaningful development opportunities. We are committed to delivering excellence in an atmosphere of engagement and collegiality.
Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation... that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.