Redefining Retirement, for the design, management and administration of workplace-provided retirement plans
Prudential Financial has launched Redefining Retirement, a new model for the design, management and administration of workplace-provided retirement plans. The claims the model to be an effective solution for the retirement-savings crisis now plaguing American workers.
Christine Marcks, president of Prudential Retirement, a business of Prudential Financial, said: “In the past year, Americans lost $1 trillion of their retirement savings, forcing plan sponsors, plan participants, and regulators to take a step back and question the ongoing viability of defined contribution programs. With ‘Redefining Retirement,’ we’re addressing those concerns with a holistic and distinctive approach that integrates industry ‘best practices’ for the benefit of participants and sponsors alike.”
The Auto-pilot plan features automatic enrollment, automatic contribution escalation, and automatic asset allocation which are combined with Prudential IncomeFlex Target (IFX Target), a guaranteed minimum withdrawal benefit product, to help ensure adequate savings and a guaranteed stream of income in retirement.
For plan sponsors, ‘Redefining Retirement’ offers streamlined processing, leading to cost efficiencies. The new model also provides additional levels of fiduciary risk support and enhanced levels of indemnification, claims the company.
Prudential’s new approach to retirement-plan design and management includes four key elements which are smart plan design, streamlined processing, investments and guaranteed income and lifelong education and support.