Mercer to Make Available Prudential's IncomeFlex[R] TargetSM.
NEWARK, N.J. -- Prudential Retirement and Mercer announced today they have entered into a service agreement through which Mercer will make Prudential's IncomeFlex[R] Target(SM) (IFX IFX - ["Type Reconstruction with First-Class Polymorphic Values", J. O'Toole et al, SIGPLAN Notices 24(7):207-217 (Jul 1989)]. Target) available to its defined contribution (DC) clients. IFX Target is designed to provide guaranteed, lifelong income to retirement plan participants Plan participants
Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. and protect against turbulent financial markets.
Under the terms of the agreement, Mercer's outsourcing business will be able to provide new and existing DC clients fully integrated access to IncomeFlex Target, which resides within target-date or life-cycle funds, or in asset-allocation programs, adding a guaranteed lifetime income component to these increasingly popular in-plan investment options. Guarantees are based on the claims-paying ability of the issuing company.
"This arrangement can help American workers avoid the serious risks of market volatility during the years just prior to retirement, while seamlessly creating guaranteed, lifelong income through investments in popular target-date funds or asset-allocation programs," said Christine Marcks, president, Prudential Retirement, a business of Prudential Financial Inc. (NYSE NYSE
See: New York Stock Exchange : PRU PRU Prudential Financial
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"We're extremely pleased to work with a market leader such as Mercer to increase the number of individuals who will have access to a guaranteed, lifetime retirement-income option within their retirement programs," Marcks said.
"Given the state of the financial markets--and the well-documented concerns about retirement adequacy among American workers-- the benefits of this product are especially relevant," said Eric Levy, Retirement Business Leader for Mercer's outsourcing business.
"Being able to work directly with an established leader like Prudential to deliver IFX Target is part of our strategic commitment - begun in 2007 - to build out a much-needed guaranteed retirement-income platform. We anticipate that, over time, this strategic platform will continue to expand to include other well-known providers of guaranteed retirement income solutions. This approach complements Mercer's position around investment independence by providing sponsors access to choices from a wide range of companies to help them meet their fiduciary obligations and provide solutions with the goal of achieving retirement security," Levy added.
Prudential's innovative IncomeFlex Target product provides a guaranteed stream of lifetime income for participants, control over their assets, the potential to capture market growth, and protection from market downturns. Unlike other retirement-income products, such as traditional annuities, IncomeFlex( )does not require annuitization to receive guaranteed income.
Mercer is a leading global provider of consulting, outsourcing and investment services. Mercer works with clients to solve their most complex benefit and human capital issues, designing and helping manage health, retirement, and other benefits. It is a leader in benefits outsourcing. Mercer's investment services include investment consulting and multi-manager investment Multi-manager investment is an investment product that consists of multiple specialized funds. Each specialized fund may invest across different sectors and markets, or having managers investing in the same asset class but have different investment styles. management. Mercer's 18,000 employees are based in more than 40 countries. The company is a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of Marsh & McLennan Companies, Inc., which lists its stock (ticker symbol Ticker Symbol
An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors : MMC See MultiMediaCard and Microsoft Management Console. ) on the New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago, and London stock exchanges London Stock Exchange
London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . For more information, please visit www.mercer.com.
About Prudential Retirement
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 nearly 86 years of retirement experience, Prudential Retirement helps meet the needs of nearly 3.6 million participants and annuitants. Prudential Retirement has $150.2 billion in retirement account values as of December 31, 2008.
Prudential Financial, Inc. (NYSE: PRU), a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. leader with approximately $558 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. as of December 31, 2008, has operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , 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, investment management, and real estate services. For more information, please visit www.news.prudential.com.
Prudential Retirement, Prudential Financial, PRU, Prudential and the Rock logo are registered service marks of The Prudential Insurance Company of America, Newark, NJ, and its affiliates.
The fee for the IncomeFlex benefit is in addition to investment management charges. To maintain Prudential IncomeFlex benefit, you must invest in an IncomeFlex Target Fund. Like all variable investments, these funds may lose value. Withdrawals in excess of the Lifetime Annual Withdrawal Amount will reduce future guaranteed withdrawals proportionately.
Prudential IncomeFlex Target Funds are separate accounts available under group variable annuity Variable Annuity
An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC) (CA COA (Certificate Of Authenticity) A document that accompanies software which states that it is an original package from the manufacturer. It generally includes a seal with a difficult-to-copy emblem such as a holographic image. #08003.), Hartford, CT. PRIAC does not provide any guarantee of the investment performance or return of contributions to those separate accounts. PRIAC's guarantee of certain withdrawals is supported by PRIAC's general account and is contingent on its claims paying ability.
Product availability and terms may vary by jurisdiction and product version. Subject to regulatory approvals. Annuity contracts contain exclusions, limitations, reductions of benefits and terms for keeping them in force. Contract form #ALC-GA-2020-TGWB-0805 or state variations thereof.
Consider the investment objectives, risks, charges and expenses of a variable product as well as the investment objectives, risks, charges and expenses of the underlying investment options carefully before investing. For an offering statement or information pertaining to the variable product, please contact Prudential Retirement at 860.534.2539. Read the terms and conditions carefully before investing.
Securities offered through Mercer Securities, a division of MMC Securities Corp., a U.S. registered broker-dealer and member FINRA/SIPC. Insurance products are provided through Mercer Health & Benefits LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control . MMC Securities Corp. and Mercer Health & Benefits LLC are affiliates of and owned by Marsh & McLennan Companies, Inc.
Distributions taken before age 59 u may be subject to a 10% IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. penalty and withdrawals from tax-qualified variable products will be subject to ordinary income tax.
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|Article Type:||Company overview|
|Date:||Apr 29, 2009|
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