|[January 02, 2013]
Prudential Retirement adds American Century Investments' target-date fund line-up to its in-plan guaranteed income solution
NEWARK, N.J. --(Business Wire)--
Prudential Retirement is now offering defined contribution plans its
guaranteed income solution with American Century Investments' line-up of
target-date funds Prudential IncomeFlex Target (News - Alert) with LIVESTRONG
Portfolios available immediately. Prudential Retirement is a business
unit of Prudential Financial, Inc. (NYSE: PRU).
"Prudential Retirement is pleased to be able to help place more and more
American workers on a secure path to and through retirement by
increasing the number of target-date fund platforms that can be used to
meet their guaranteed lifetime income needs," said Srinivas Reddy,
senior vice president of Prudential Retirement's Institutional Income.
"We are happy to welcome American Century Investments, a leading
privately held investment management firm, to an impressive list of fund
partners offering income guarantees that already includes T. Rowe Price,
Fidelity, J.P. Morgan and Vanguard. These income guarantees combined
with the benefits of target-date funds offer investors protection from
market downturns and help protect their future retirement income."1
LIVESTRONG Portfolios are diversified, time-based portfolios that
automatically adjust as their target goal date approaches. A portfolio
target date is the approximate year when investors plan to start
withdrawing their money. The principal value of the investment is not
guaranteed at any time, including at the target date. Each target-date
portfolio seeks the highest total return consistent with its asset mix.
Each year, the asset mix and weightings are adjusted to be more
conservative. In general, as the target year approaches, the portfolio's
allocation becomes more conservative by decreasing the allocation to
stocks and increasing the allocation to bonds and money market
instruments. By the time each fund reaches its target year, its target
asset mix will become fixed and will match that of the LIVESTRONG
"We're delighted to partner with Prudential Retirement to combine our
established LIVESTRONG Portfolios with their guranteed lifetime
income product," Peter Cieszko, chief client officer, Americans,
American Century Investments, said. "This is a natural evolution of our
partnership as a defined contribution investment only provider."
Serving investment professionals, institutions, corporations and
individual investors, American Century Investments offers a variety of
actively managed investment disciplines through an array of products
including mutual funds, institutional separate accounts, commingled
trusts and sub-advisory accounts. The company's 1,300 employees serve
clients from offices in New York; London; Hong Kong; Mountain View,
Calif. and Kansas City, Mo.
LIVESTRONG is a registered trademark of the LIVESTRONG Foundation.
American Century Investment Services, Inc. has entered into an agreement
with the Foundation for rights to use the LIVESTRONG name. For
more information about the foundation, visit LIVESTRONG.org
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 3.5 million
participants and annuitants. Prudential Retirement has $251.6 billion in
retirement account values as of September 30, 2012. Retirement products
and services, including IncomeFlex Target, are provided by Prudential
Retirement Insurance and Annuity Company (PRIAC), Hartford, CT, or
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/.
1Guarantees are based on the claims-paying ability
of the insurance company and are subject to certain imitations, 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
Prudential IncomeFlex Target® Funds are separate accounts 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. Participants should consider the objectives,
risks, charges, and expenses of the Funds and guarantee features before
purchasing this product. The principal value of Target date funds is not
guaranteed at any time; including the target date. Like all variable
investments, these funds may lose value. Availability and terms may vary
by jurisdiction, subject to regulatory approvals. For this and other
information, participants should access the participant website or call
877-778- 2100 for a copy of the Prudential IncomeFlexTarget Important
Considerations before investing.
Annuity contracts contain exclusions, limitations, reductions of
benefits and terms for keeping them in force. Contract form #
GA-2020-TGWB4- 0805 or state variation.
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