United Way of Central Maryland (UWCM) has selected Prudential Retirement' Portfolio Protected Buy-Out product to support the termination of its defined benefit retirement plan.
Prudential said the Portfolio Protected Buy-Out combines the Prudential’s guarantee with a separate account portfolio which provides additional security to covered individuals.
According to the Prudential, the Portfolio Protected Buy-Out is designed to fully assume pension risk for the plan’s covered liabilities, including investment, longevity and benefit option risk and provide for all administrative, actuarial, and investment management expenses.
The product will also enhance the level of security to covered individuals and will remove pension liabilities from the plan sponsor’s balance sheet.