Prudential launches SimplyIncome for workplace retirement plans on Fidelity Investments™ platform
25 Janeiro 2024 - 1:11PM
Business Wire
Collaboration expands access to retirement security for more
than 100,000 plan participants.
Prudential Financial, Inc. (NYSE: PRU) is collaborating with
Fidelity Investments™ to address growing demand among consumers for
a workplace retirement plan option that will convert participants’
retirement savings into a protected stream of income.
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Ann Nanda, Head of Future Growth
Initiatives and Distribution Enablement, Prudential Retirement
Strategies (Photo: Business Wire)
Prudential recently launched Prudential SimplyIncomeSM — a new
single-premium immediate annuity, or SPIA — within employer-based
retirement plans administered by Fidelity Investments. Prudential
is one of four insurers on Fidelity’s Guaranteed Income Direct
platform offering an embedded distribution option for defined
contribution plans like 401(k)s, 403(b)s and 457(b)s.
The SECURE Act of 2019 provided a “safe harbor” to make it
easier for annuities to be included as options in employer-based
retirement plans. This prompted the financial services industry to
expand in-plan income offerings to address consumers who are
concerned that they’ll outlive their retirement savings.
Ann Nanda, head of Future Growth Initiatives and Distribution
Enablement at Prudential Retirement Strategies, notes that the
collaboration with Fidelity helps expand access to retirement
security for more consumers and aligns with a key Prudential
business priority to deliver retirement income in brand-new
ways.
“No one knows how long they’ll live, and it’s important for
people to understand whether they will be at risk of running out of
money in retirement,” she said. “Prudential SimplyIncome provides a
new decumulation option for plan participants looking for a
predictable retirement income solution, delivered through a
streamlined, tech-forward experience on Fidelity’s Guaranteed
Income Direct platform.”
The SECURE Act also required defined contribution plans to start
showing workers the amount of lifetime income their account
balances could generate in retirement. This new annual illustration
requirement reframed the risk for plan sponsors beyond just
customary investment metrics to bring more attention to longevity
risk.
“Prudential SimplyIncome is an example of how we are co-creating
innovative solutions for employer-based retirement plans, in this
case working with a top plan administrator to bring a protected
income option to plan sponsors and participants within a system
they already know.” said Nanda. “It’s an additional option to
complement the many great solutions that exist for individual
retirement account owners outside of workplace plans.”
ABOUT PRUDENTIAL
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
approximately $1.4 trillion in assets under management as of Sept.
30, 2023, has operations in the United States, Asia, Europe, and
Latin America. Prudential’s diverse and talented employees help
make lives better and create financial opportunity for more people
by expanding access to investing, insurance, and retirement
security. Prudential’s iconic Rock symbol has stood for strength,
stability, expertise and innovation for nearly 150 years. For more
information, please visit news.prudential.com.
The Retirement Strategies team at Prudential delivers
industry-leading solutions for growth and protection to more than 2
million individual and institutional customers.* The business makes
more than $12 billion of protected income payments to customers
each year,* with a focus on expanding access to retirement security
through its lines of Individual Retirement protected accumulation
and income strategies and Institutional Retirement lines of
business spanning U.S. Pension Risk Transfer, International
Reinsurance, Stable Value, and Structured Settlements.
*Retirement Strategies, By the Numbers, November 2023.
© 2024 Prudential Financial, Inc. (PFI) and its related
entities. Prudential, Prudential Retirement Strategies, the
Prudential logo, the Rock symbol and Rock Solid are service marks
of PFI and its related entities, registered in many jurisdictions
worldwide.
Annuity and insurance products are issued by The Prudential
Insurance Company of America (PICA) and Pruco Life Insurance
Company (in New York, by PICA only), both located in Newark, New
Jersey (main office). Both are Prudential Financial companies and
each is solely responsible for its own financial condition and
contractual obligations.
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MEDIA CONTACT Kristen Doyle 201 835 4872
kristen.doyle@prudential.com CONNECT WITH US: Visit prudential.com
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