ENP Newswire - 10 January 2014 Release date- 09012014 - Prudential Retirement has reached an agreement with DST Retirement Solutions that will spur the growth of guaranteed income options like Prudential IncomeFlex in defined contribution plans. Prudential Retirement is a business unit of Prudential Financial (NYSE: PRU). IncomeFlex is offered by Prudential Retirement Insurance and Annuity Company . Under the agreement, Prudential will use DST's 'Retirement Income Clearing Calculator' to deliver retirement income products across multiple recordkeeping platforms. The middleware solution seamlessly connects recordkeepers and product providers. The primary benefit to retirement plan sponsors will be to make their retirement income solutions more portable when moving from one recordkeeper to another. 'In-plan guaranteed retirement income solutions continue to build momentum in the marketplace and help participants achieve more secure outcomes in retirement,' said Srinivas Reddy , head of Institutional Income and Capital Markets. 'Prudential's use of DST's RICC middleware will build on this positive momentum and help further address portability.' Responding to plan participant uncertainty about how to invest their retirement funds and uneasiness with volatile equity and debt markets, defined contribution plan sponsors are increasingly offering participants a guaranteed retirement income option to complement other investment alternatives. Prudential created IncomeFlex specifically for defined contribution plans. It provides participants with guaranteed lifetime income, sustained potential for growth, downside protection for retirement income and complete access to their market value.1 A market leader in this emerging space, IncomeFlex is currently offered in more than 7,000 retirement plans. 2 1Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms, and conditions. Withdrawals or transfers (other than transfers between Active IncomeFlex Target Funds) proportionately reduce guaranteed values prior to locking in. After Lock-in withdrawals in excess of the Lifetime Annual Withdrawal Amount will reduce future guaranteed withdrawals proportionately and may even eliminate them. DST Retirement Solutions offers a broad array of front- and back-office technology and servicing solutions to financial service organizations offering retirement plan recordkeeping. With a flexible service model that utilizes an end-to-end technology solution, DSTRS supports any plan size and all types of investment vehicles for mutual funds, banks, insurance companies, and third-party administrators distributing retirement investment products. A wholly-owned subsidiary of Kansas City -based DST Systems, Inc. , DSTRS today services more than 7.1 million participants around the world. 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 3.8 million participants and annuitants. Prudential Retirement has $312.5 billion in retirement account values as of September 30, 2013 . Retirement products and services are provided by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT , or its affiliates. Prudential Financial, Inc. (NYSE: PRU), a financial services leader, 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 and investment management. 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 http://www.news.prudential.com/ .
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