“Equity Re-imagined,” a five-year program between the two institutions, has already yielded important policy work
By Kara Corridan
Tomorrow brings the kickoff of the Aspen Ideas Festival, an annual event where luminaries from around the world gather in Colorado to discuss the ideas and issues that shape and challenge our times. Among the attendees will be Prudential leaders, thanks to a more than decadelong relationship with the Aspen Institute that deepened last year when the company committed to a five-year, $11 million partnership themed “Equity Re-imagined.”
The Aspen Institute is a global nonprofit think tank headquartered in Washington, D.C., that works to foster a free, just and equitable society. The goal of its partnership with Prudential is to expand access to prosperity in America by reimagining work, wealth and capitalism. This fully aligns with Prudential’s vision to be a global leader in expanding access to investing, insurance and retirement security.
Dylan Tyson, president of Prudential’s Retirement Strategies group, serves as the executive sponsor of the Aspen Institute partnership. “Our work with Aspen is such a natural fit with Prudential’s purpose and vision,” says Tyson. “It’s all about helping more people have opportunities to improve their financial well-being and know how to plan, save and spend more effectively.” At the festival, Tyson will speak on a panel alongside leaders from Wells Fargo, Lafayette Square and MoCaFi to discuss business and investment strategies to help close the wealth divide across America. In addition to Tyson and Reddy, Prudential leaders including Vice Chair Rob Falzon will share insights throughout the week.
The Equity Re-imagined partnership has already yielded important policy work.
In April, Prudential and Aspen joined the original signatories calling for the establishment of a presidential commission to create a national, interagency financial inclusion strategy. “This commission would centralize federal efforts to look holistically at the essential issue of Americans’ financial health and facilitate meaningful change,” explains Tyson. “It would build upon and complement the ongoing but separate efforts of several different agencies and regulatory bodies working on pieces of the financial security puzzle.” The Aspen Institute has an ongoing dialogue with the Biden administration to help move the idea forward by the end of the year.
Prudential and Aspen are also working closely to support the Securing a Strong Retirement Act of 2022 to further enhance the nation’s retirement savings system including automatic enrollment in emergency savings plans. This work — informally referred to as SECURE 2.0 — builds off the company’s advocacy for the Setting Every Community Up for Retirement Enhancement (SECURE) Act, bipartisan legislation that went into effect in 2019. The emergency savings provision builds on Prudential’s next-generation financial solutions including the emergency savings sidecar feature the company launched in 2018. Aspen reports that negotiations are underway and signs are promising that a comprehensive retirement security measure will be passed by Congress this year.
Photo credit: aspeninstitute