Prudential Retirement and Wells Fargo announced that Wells Fargo will
make Prudential Retirement Insurance and Annuity Company’s
guaranteed lifetime income solution, Prudential IncomeFlex®
Target (Prudential IncomeFlex®) , available to their more
than 3,000 defined contribution retirement plans, covering more than
three million plan participants. Prudential Retirement is a business
unit of Prudential Financial, Inc. (NYSE: PRU).
“Prudential Retirement is pleased to partner with Wells Fargo in helping
place more and more American workers on a more secure path to and
through retirement,” said Sri Reddy, senior vice president of
Institutional Income for Prudential. “We are happy that Wells Fargo has
joined the growing list of record keepers who offer Prudential IncomeFlex®
to their defined contribution plan clients.”
“Retirement income is the natural evolution of retirement planning,”
said Joe Ready, director of Wells Fargo Institutional Retirement and
Trust. “Participants know they need to save a target amount by the time
they retire, but it doesn’t stop there; they need help converting their
nest egg to a steady stream of income they can’t outlive.”
Wells Fargo Retirement offers a suite of retirement solutions and
considers Prudential IncomeFlex® to be an excellent
complement to their existing products and services. Prudential IncomeFlex®
is an innovation for defined contribution plans that provides
participants with: guaranteed lifetime income, sustained potential for
growth, downside protection for retirement income and complete access to
their market value.
Guaranteed income benefit is provided through group variable annuity
contracts issued by Prudential Retirement Insurance and Annuity
Company (PRIAC), Hartford, CT. Guarantees are based on the
claims-paying ability of the insurance company and are subject to
certain limitations, terms and conditions. Withdrawals in excess of a
participant’s lifetime annual withdrawal amount will reduce further
guaranteed withdrawals proportionally and may even eliminate them
“This type of innovation is important as people look for help generating
an income stream in retirement that will last a lifetime,” said Ready.
“Our research tells us that people are looking to their employers to
offer a lifetime income option in retirement accounts.”
“Our decision to use Prudential’s Income Flex product is a result of an
extensive review and selection process that also took into consideration
Prudential’s leadership position and expertise in the guaranteed income
space, evident in a market where their solution is already available in
over 7,000 defined contribution plans,” added Ready.
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com),
and has offices in more than 35 countries to support the bank’s
customers who conduct business in the global economy. With more than
270,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 25 on
Fortune’s 2013 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy all our customers’ financial needs and help
them succeed financially.
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 3.6
million participants and annuitants. Prudential Retirement has $299.4
billion in retirement account values as of March 31, 2013.
Prudential Financial, Inc. (NYSE: PRU), a financial services
leader with approximately $1.060 trillion of assets under management as
of December 31, 2012, 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, investment management and real estate services. 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 www.news.prudential.com.
This benefit, available for an additional fee, guarantees a plan
participant’s ability to withdraw designated amount from the annuity
annually from the plan, subject to rules regarding the timing and amount
of withdrawals which, if excess will reduce guaranteed values
Prudential IncomeFlex Funds are separate accounts available 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. You should consider the objectives, risks, charges,
and expenses of the Funds and guarantee features before purchasing this
product. Like all variable investments, these funds may lose value.
Availability and terms may vary by jurisdiction; subject to regulatory
Annuity contracts contain exclusions, limitations, reductions of
benefits and terms for keeping them in force. Guarantees Contract form #
GA-2020-TGWB4-0805 or state variation.
© 2013 Prudential Financial, Inc. and its related entities. Prudential,
the Prudential logo, the Rock symbol and Bring Your Challenges are
service marks of Prudential Financial, Inc., and its related entities,
registered in many jurisdictions worldwide.
Wells Fargo Bank N.A. is not affiliated with Prudential Financial, Inc.