Prudential backs federal support of expanding Americans’ access to retirement savings
President Trump today signed an executive order directing the Labor Department to promote programs that enhance retirement security and expand access to workplace retirement savings plans for American workers.
Emergency savings feature can help plan sponsors increase employees’ financial wellness, Prudential says
NEWARK, N.J., July 24, 2018 - Most Americans don’t have enough savings to cover unexpected expenses, tempting many to make the costly mistake of raiding their workplace retirement savings plans. Using after-tax contributions to an existing retirement plan to build savings that can be accessed to cover emergencies could help, according to Prudential Financial, Inc. (NYSE: PRU).
Working in retirement may be the new norm according to PGIM Investments study
NEWARK, N.J., July 10, 2018 - Few current retirees take a new job in their golden years—but more than half of future retirees expect to continue working during retirement, driven by uncertainty about Social Security and their own financial preparedness, a new study from PGIM Investments reveals.
Prudential: Financial wellness during ‘America Saves Week’ and year-round benefits employers and employees
NEWARK, N.J., February 26, 2018 - In recognition of America Saves Week and Military Saves Week (Feb. 26 through March 3), Prudential Financial, Inc. ( NYSE:PRU ) is calling on employers to adopt a benefits program with financial wellness at its core to help improve financial security for American workers.
Prudential, PIC Reach $1.2 Billion Longevity Reinsurance Agreement
NEWARK, N.J., Nov. 09, 2017 - Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE:PRU), and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction since 2015. In the agreement, The Prudential Insurance Company of America assumes the longevity risk for $1.2 billion (about £900 million) in pension liabilities, covering approximately 4,000 pensioners across four pension schemes.
Prudential Entrusted with Pension Promises to Approximately 45,000 International Paper Retirees
NEWARK, N.J., Oct. 02, 2017 - International Paper (NYSE:IP) will settle approximately $1.3 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America (NYSE: PRU), a leader in retirement benefits. The agreement transfers to Prudential the responsibility for paying pension benefits to roughly 45,000 of International Paper’s retirees and their beneficiaries.
For Asia’s rapidly aging populations, innovation and forward-thinking policies drive retirement security
TAIPEI, Taiwan, September 22, 2017 - The quickening pace of aging in Asia – a region with more than half the world’s population over 60 – has urgent implications for the region’s families, retirees, pensions and policy makers.
MMC UK Pension Fund, advised by Mercer, selects Prudential and Canada Life Reinsurance to reinsure the longevity risk of £3.4 Billion ($4.3 billion) in pension liabilities
The Trustee of the MMC UK Pension Fund (the “Fund”) has announced the largest longevity risk transfer for a UK pension fund since 2014. The transaction, which reinsures the longevity risk of £3.4 billion ($4.3 billion) in pension liabilities, will provide long-term protection and income to the Fund in the event that the covered participants live longer than expected. It also lowers the risk that Marsh & McLennan Companies will face unexpected pension contributions due to an increase in pensioner life expectancy.
Gig economy may threaten financial wellness of contract workers, Prudential survey shows
NEWARK, N.J., Aug. 30, 2017 - The gig economy — the increasingly popular employment model where people work as independent contractors rather than employees of companies — has a destabilizing effect on personal financial security, a Prudential Financial, Inc. (NYSE: PRU) survey shows.
Finance chiefs’ pension risk transfer motivations revealed in new research
NEWARK, N.J., Aug. 15, 2017 - The increasing costs and volatility of managing defined benefit pension plans have long been at the center of the motivations for transferring a company’s pension risk to an insurer. But which costs and what kinds of volatility are finance chiefs most concerned about? A new survey involving 80 senior finance executives at companies with traditional pensions sheds light on the motivations behind pension risk transfer decisions in the executive suite.