Effective January 1, 2023, the Prudential Guaranteed Investment was renamed to the Guaranteed Stable Investment. The Prudential Retirement Insurance & Annuity Company (PRIAC) was purchased by Empower Annuity Insurance Company (EAIC). Any reference to PRIAC should be replaced with EAIC. Any reference to Prudential should be replaced by Empower.
Prudential Financial announced in April the completion of the sale of its full-service retirement business to Empower, the second-largest retirement plan recordkeeper in the U.S. Here are a few things you need to know regarding your retirement account through WEA Member Benefits.
Does the acquisition include the Prudential Guaranteed Investment*?
Yes. Empower acquired Prudential’s defined contribution, defined benefit, non-qualified, and rollover IRA business in addition to its stable value and separate account investment products and platforms.
Who will guarantee the Prudential Guaranteed Investment?
Prudential Retirement & Annuity Company (PRIAC), which is now owned by Great-West Life & Annuity Insurance Company, continues to provide the guarantee. PRIAC and Great-West Life & Annuity Company have consistently received high marks from industry sources for financial strength from major rating agencies.
What else do I need to know?
Our stable value contract with PRIAC is unchanged, and the entire client service team from Prudential Retirement that supports our Guaranteed Investment program remains in place at Empower. Empower leadership has reinforced the importance of our relationship as well as their commitment to continue the existing terms of our stable value contract.
As always, Member Benefits continues to strive to offer best-in-class programs to members. We will continue with the same due diligence process moving forward that we have always employed.