Prudential Retirement partners with Wells Fargo to offer guaranteed lifetime income solution
Benefits of Prudential IncomeFlex®Target now available to Wells Fargo defined contribution plan clients
NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Retirement and Wells Fargo announced that Wells Fargo will make Prudential Retirement Insurance and Annuity Company's guaranteed lifetime income solution,Prudential IncomeFlex® Target (Prudential IncomeFlex®) , available to their more than 3,000 defined contribution retirement plans, covering more than three million plan participants. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYS: PRU) .
"Prudential Retirement is pleased to partner with Wells Fargo in helping place more and more American workers on a more secure path to and through retirement," said Sri Reddy, senior vice president of Institutional Income for Prudential. "We are happy that Wells Fargo has joined the growing list of record keepers who offer Prudential IncomeFlex® to their defined contribution plan clients."
"Retirement income is the natural evolution of retirement planning," said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. "Participants know they need to save a target amount by the time they retire, but it doesn't stop there; they need help converting their nest egg to a steady stream of income they can't outlive."
Wells Fargo Retirement offers a suite of retirement solutions and considers Prudential IncomeFlex® to be an excellent complement to their existing products and services. Prudential IncomeFlex® is an innovation for defined contribution plans that provides participants with: guaranteed lifetime income, sustained potential for growth, downside protection for retirement income and complete access to their market value.
Guaranteed income benefit is provided through group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT. Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms and conditions. Withdrawals in excess of a participant's lifetime annual withdrawal amount will reduce further guaranteed withdrawals proportionally and may even eliminate them entirely.
"This type of innovation is important as people look for help generating an income stream in retirement that will last a lifetime," said Ready. "Our research tells us that people are looking to their employers to offer a lifetime income option in retirement accounts."
"Our decision to use Prudential's Income Flex product is a result of an extensive review and selection process that also took into consideration Prudential's leadership position and expertise in the guaranteed income space, evident in a market where their solution is already available in over 7,000 defined contribution plans," added Ready.
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2013 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Prudential Retirement delivers retirement plan solutions for public, private and non-profit organizations. Services include state-of-the-art record keeping, administrative services, investment management, comprehensive employee investment education and communications, and trustee services. With over 85 years of retirement experience, Prudential Retirement helps meet the needs of over 3.6 million participants and annuitants. Prudential Retirement has $299.4 billion in retirement account values as of March 31, 2013.
Prudential Financial, Inc. (NYS: PRU) , a financial services leader with approximately $1.060 trillion of assets under management as of December 31, 2012, has operations in the United States, Asia, Europe and Latin America. Prudential's diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management and real estate services. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.
This benefit, available for an additional fee, guarantees a plan participant's ability to withdraw designated amount from the annuity annually from the plan, subject to rules regarding the timing and amount of withdrawals which, if excess will reduce guaranteed values proportionately.
Prudential IncomeFlex Funds are separate accounts available under group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT.PRIAC does not guarantee the investment performance or return on contributions to those separate accounts. You should consider the objectives, risks, charges, and expenses of the Funds and guarantee features before purchasing this product. Like all variable investments, these funds may lose value. Availability and terms may vary by jurisdiction; subject to regulatory approvals.
Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Guarantees Contract form # GA-2020-TGWB4-0805 or state variation.
© 2013 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.
Wells Fargo Bank N.A. is not affiliated with Prudential Financial, Inc.
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