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Prudential Retirement Comment Letter to DOL on Lifetime Income Illustrations in Pension Benefit Statements (PDF)

11 pages. Excerpt: "While we believe lifetime income illustrations represent an important tool in assisting participants in assessing their retirement readiness, we are concerned that far too few of today's participants have access to guaranteed lifetime income options in their retirement plan to achieve what will be illustrated.... [We] encourage the [DOL] to take steps to remove impediments to plan sponsors offering both guaranteed lifetime income solutions as part of their plan design and programs and materials designed to prepare plan participants for retirement.... [W]e believe modifying the safe harbor applicable to the selection of annuity issuers to provide clarity and certainty for plan fiduciaries and expanding Interpretive Bulletin 96-1 to encompass retirement-related programs and materials are a necessary complement to your lifetime income illustration initiative."

Summary of Prudential Retirement's Publications on the Pension Protection Act of 2006 (PDF)

25 pages. Excerpt: The purpose of this document is to provide a reference tool with respect to both the official guidance provided by federal regulatory agencies regarding the provisions of the Pension Protection Act of 2006 (PPA) and Prudential Retirement's publications discussing that guidance.

The Four Pillars and Public Policy: Prudential's Positions on Legislative and Regulatory Issues Impacting Retirement Security in America (PDF)

Prudential has developed the 'Four Pillars of U.S. Retirement' as a framework to discuss how Americans will prepare for and live in retirement. The Four Pillars have their origin in the traditional 'three-legged stool' of retirement security: Social Security, Employment-Based Retirement Plans, and Personal Savings. To this, Prudential has added a fourth Pillar, Retirement Choices, to capture lifestyle and financialconsiderations for today's and tomorrow's retirees.

Seventh Annual Prudential Study of Employee Benefits: Today & Beyond (PDF)

"While the fate of health care reform loomed large this year, brokers, employers, and employees were also grappling with a slowly recovering economy -- three years after the Great Recession officially ended. This report examines five topics, identifying key trends within each area: the economy; health care reform; wellness programs; voluntary benefits; and technology."

Prudential Financial Describes QDIA Rules, Includes Link to 'Decision Tree' (PDF)

6 pages; see last page for link to a handy 2-page 'decision tree' document. Excerpt: Plan sponsors should review these rules to determine whether a change to the plan's default investment is prudent. Plan sponsors are not required to comply with these rules, but may choose to comply to receive the additional fiduciary protection offered by the safe harbor.... Prudential Retirement has developed a QDIA Decision Tree to assist you with this decision-making process.

Rollins Inc. 401(k) Participant Sues Morningstar, Prudential Over Alleged RICO Violations

"The complaint said Morningstar and Prudential violated the Racketeer Influenced and Corrupt Organization [RICO] Act by engaging in a 'conspiracy' to increase revenue and profits 'from their self-interested administration' of GoalMaker, an 'automated investment advice program' from Morningstar and Prudential. Alleging GoalMaker is a 'predatory racketeering enterprise,' the lawsuit argued that it 'gets retirement plan investors to turn over the investment management of their accounts' to a unit of Prudential." [Green v. Morningstar, Inc., No. 17-5652 (N.D. Ill., complaint filed Aug. 3, 2017)]

Managing Retirement Benefits Amid Capital Market Disruption

13 pages. Excerpt: Prudential commissioned this research program on how finance executives are managing retirement benefits in today's environment because Prudential believes that finance executives are critical to managing the risks inherent in such benefit programs. This research demonstrates that finance executives are more involved than ever in theircompanies' retirement benefit programs, and are prepared to take concrete steps to strengthen them. Employers shoulder the risks within a DB plan, such as the possibility of a sharp market decline that creates the needfor higher cash contributions. This research shows that a majority of employers are actively seeking solutions to help manage such risks. Companies can benefit by incorporating several key elements into their DB risk management approach.

Prudential Is Latest Recordkeeper to Face Self-Dealing Allegations in ERISA Lawsuit

"Plaintiffs challenge the use of proprietary products in Prudential's defined contribution retirement plans, an arrangement they say impermissibly benefitted the company at the expense of plan performance." [Cho v. The Prudential Ins. Co. of America, No. 19-19886 (D.N.J. complaint filed Nov. 5, 2019)]

Prudential, Morningstar Beat Robo-Adviser Lawsuit

"The lawsuit seeks to represent up to 5 million investors in 'hundreds' of retirement plans that used the GoalMaker robo-adviser designed by Morningstar and offered by Prudential. The investor who filed suit says the defendants tweaked GoalMaker to intentionally steer people toward higher-cost funds that earned extra fees and kickbacks for Prudential."

IRS Further Extension of Effective Date of Normal Retirement Age Regulations for Governmental Plans (PDF)

1 page. Excerpt: The IRS recently published Notice 2009-86, which further delays the effective date for governmental plans to plan years beginning on or after January 1, 2013. This extension will provide the IRS with additional time to consider comments received with respect to the effect of the normal retirement regulations on governmental plans.... Plan sponsors should review their plan documents to determine if their plan's current definition of normal retirement age complies with the new IRS regulations. If a plan amendment is required and Prudential Retirement provides document services for your plan, we will work with you to ensure that your plan complies with the extended amendment deadline.