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Single Premium Annuity
For a single payment, defined benefit plan sponsors can guarantee annuity payments by purchasing a non-participating contract. The contract can be used to settle plan obligations upon plan termination, or to transfer liability for all—or a specified group of—plan participants. Multiple plans can be accommodated in a single contract. We are experts in all retirement calculations, tax reporting, and administration. Requests for quotes can be obtained by submitting our Proposal Request Packet or other Bidding Specifications containing a summary of the plan provisions, early retirement factors, and other plan-specific details, along with the supporting demographic (census) information. These documents should be submitted to PruGroupAnnuity@Prudential.com. We will not interpret plan documents or summary plan descriptions for quoting/bidding purposes.
Participating Annuity (PRUPAR)
Plan sponsors who desire the features of a Single Premium Annuity,1 but want to participate in potential financial or actuarial gains, may be interested in a Prudential Participating Annuity (PRUPAR). A PRUPAR contract typically has a larger initial payment than a comparable non-participating contract. The assets are placed in a separate account of The Prudential Insurance Company of America, and the plan sponsor participates in the realization of any investment, early retirement or mortality gains without future obligation to make additional premium payments in the event of losses. PRUPAR features include increased investment flexibility and control, and lower risk fees than a comparable non-participating product. In addition, assets in the separate account are insulated from claims of other contract-holders or creditors of The Prudential Insurance Company of America. We offer a choice of management strategies for PRUPAR through affiliated investment managers. Both fixed income and equity strategies are available. For fixed income management, we offer: For equity management, we offer:
Lottery Annuity
Guaranteed annuities may be purchased by state lottery commissions to fund the prizes payable to the winners of state lottery jackpots. Lottery commissions may purchase both life-contingent annuities (e.g., $50,000 per year for life) and period-certain annuities (e.g., $50,000 per year for 20 years). Some advantages of placing your liability with us are:
PruSafe
PruSafe allows plan sponsors to provide immediate annuities for plan participants under a group contract for a single employer or for a multiple employer arrangement. Purchases can be made to provide annuities under a defined benefit plan or to convert defined contribution plan participant balances into annuity payouts. Annuities may be purchased for retiring, terminating, or disabled participants and for surviving spouses or plan beneficiaries. There is no cost to the plan sponsor for establishing this facility. Annuity quotes can be obtained directly from Prudential's Retirement Income group or via the Prudential Retirement Security Center, an Internet-based quote application. Provider
Provider is a fixed-rate, group-based immediate payout annuity. At retirement, employees can convert all or a portion of their retirement savings plan account balance into a guaranteed stream of income to meet their needs throughout retirement. Purchases are made under the rules governing IRA rollovers. The minimum initial purchase amount is $25,000 and additional purchases can be made for as little as $10,000 using money from any qualified source. Provider is an employee-pay-all product that is fully administered by The Prudential Insurance Company of America. Provider is designed to provide immediate payout annuities to individuals whose retirement savings plans do not offer an annuity provision. 1Both Fixed Income and Equity Strategies are available under PRUPAR. |