American Council of Engineering Companies (ACEC) Retirement Trust Adopts Prudential IncomeFlex®

Members of the ACEC-Sponsored Retirement Program Gain Access to Nation’s Leading In-Plan Guaranteed Retirement-Income Solution

NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Retirement announced today that its market-leading guaranteed retirement-income solution, Prudential IncomeFlex® (IFX), will be offered as an investment option in the American Council of Engineering Companies (ACEC) Retirement Trust, a defined contribution retirement program sponsored by ACEC for its member firms.

The ACEC Retirement Trust, which is administered by Prudential, currently consists of more than 230 independent engineering companies and approximately 13,000 plan participants.

“For our member firms and their employees, IncomeFlex is ‘the right program at the right time,’” said Keith Swaffar, a Trustee at the ACEC Retirement Trust. “It complements the wide array of retirement product-and-service solutions already available through the Trust. And, most importantly, it provides participants with guaranteed lifelong income without the loss of control associated with other income products. We believe the addition of IncomeFlex clearly enhances the value and appeal of our program.”

One company obviously impressed with the IncomeFlex option is KCI Technologies, an ACEC-member firm. After learning that IncomeFlex would become an investment offering in the Trust, KCI transferred the administration of its 401(k) plan from another provider to take advantage of the ACEC-sponsored program.

“Changing retirement-plan providers is never something to take lightly. But in looking at all the Trust had to offer—the diversity of fund options, the plan advisory services, the innovative asset-allocation offerings, and, of course, IncomeFlex—we felt the benefits to our firm and our employees were simply too great to ignore,” said Terry F. Neimeyer, CEO of KCI.

His sentiments were echoed by John Pickett, a consultant from RBC Wealth Management, who played a key role in facilitating the introduction of IncomeFlex to the ACEC-sponsored program. “The Trust has always focused on offering a distinctive, competitively superior retirement plan for its members, and the addition of IncomeFlex is consistent with that mission,” noted Pickett. “I was pleased to help arrange such a perfect partnership of sponsor and product.”

According to Marc Pester, senior vice president at Prudential Retirement, who serves as Prudential’s account executive for the plan, “I was especially impressed by the deliberate fiduciary process followed by ACEC trustees in selecting IncomeFlex as a key component of the Trust. It was clear from the start that they, like more and more of the market, recognized the need for an in-plan, institutionally priced solution that provides guaranteed lifelong income, full flexibility, and portability. And it was equally clear that the process they followed identified IncomeFlex as the best possible choice.”

IncomeFlex will be officially added as an offering of the ACEC Retirement Trust on April 1, 2010. As of July 1, 2010, Prudential’s GoalMaker® asset-allocation program with IncomeFlex will become the Trust’s Qualified Default Investment Alternative (QDIA).

With its adoption by the Trust, IncomeFlex is now available in more than 160 retirement plans nationwide and, as of September 30, 2009, had attracted more than $228 million in assets, offering compelling confirmation of Prudential’s position as “the leader in retirement income.”

The American Council of Engineering Companies (ACEC) is the business association and voice of America's engineering industry, representing approximately 5,300 engineering firms throughout the U.S. Founded in 1909 and headquartered in Washington, D.C., ACEC is a national federation of state and regional Member Organizations engaged in a wide range of engineering works that propel the nation's economy, and enhance and safeguard America's quality of life. Member firms range in size from a single licensed professional engineer to corporations employing thousands of professionals. The ACEC Retirement Trust is a separate Trust program that is autonomous from ACEC.

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 nearly 3.7 million participants and annuitants. Prudential Retirement has $171.9 billion in retirement account values as of September 30, 2009.

Prudential Financial, Inc., a financial services leader with approximately $641 billion of assets under management as of September 30, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.news.prudential.com.

Keep in mind that application of asset allocation and diversification concepts does not ensure safety of principal and interest, it should also be noted that diversification does not assure a profit or protect against loss in a declining market. It is possible to lose money by investing in securities.

Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms and conditions.

Prudential IncomeFlex Funds are separate accounts available under group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC).PRIAC does not provide any guarantee of the investment performance or return of contributions to those separate accounts.PRIAC’s guarantee of certain withdrawals is supported by PRIAC’s general account and is contingent on its claims paying ability.Guarantees are subject to certain limitations, terms and conditions.

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Prudential Financial, Inc.
Dawn Kelly
973-802-7134 office
201-406-7248 cell
[email protected]
or
Josh Stoffregen
973-802-3996 office
973-204-2540 cell
[email protected]

Source: Prudential Financial, Inc.