Will my monthly payment amount change when the payment and administration transfer to Prudential?
No. The transition of the payment and administration of your monthly payments to Prudential under the Contract will not change the amount of your gross monthly payments.
If you currently receive your monthly payment through direct deposit, your prior payer provided that information to Prudential, and we will continue processing your payments through direct deposit. No action or information is required on your part for Prudential to continue your direct deposit, unless you wish to make a change.
Can I change my Contingent Life to another person?
The election of a Joint & Survivor form of annuity and the person you designated as the Contingent Life are irrevocable and therefore cannot be changed.
Does Prudential provide direct deposit payment advice statements?
An advice statement will not be mailed to you. You can access this information securely online any time by logging in. Online payment advice details are a safer, faster, and greener alternative to paper statements.
I have direct deposit. When will my monthly direct deposit payment be available in my account if the first day of the month is not a business day?
When Prudential processes a monthly payment by direct deposit, we reflect the due date on the direct deposit payment and we transmit the payment electronically to the Federal Reserve two business days before the payment due date. (Note: a business day is every day except Saturdays, Sundays and federal holidays.)
Federal banking rules provide that if a payment due date falls on a weekend or holiday, the “settlement date” – the date a bank or financial institution actually receives the money from the Federal Reserve – is the next business day. As a result of these rules, if the first day of the month is not a business day, then your direct deposit should be available in your account at your bank or financial institution on the next business day.
What is the "Contract" that was purchased and what kind of annuity was purchased for me under it—a group annuity or an individual annuity?
The "Contract" that was purchased to provide your annuity is a group annuity contract, which is a financial product sold by an insurance company that provides guaranteed streams of income for members of a group at stated intervals, for example, monthly. Payments are typically made for each recipient’s lifetime, and, if applicable, for the lifetime of a contingent or joint annuitant (such as a spouse) thereafter, or for a specified period.
What is a Contract Number and why do I need to reference it when I contact you?
A Contract Number is the unique identifying number assigned to the group annuity contract that covers the annuity that was purchased for you. Whenever you contact us by phone or mail, you should reference your Contract Number. It helps us locate your records on our administrative systems and enables us to be more responsive to you.
My Fact Sheet has a box titled “Important Information Regarding Beneficiary Designation” and it indicates that I may have a death benefit payable to a beneficiary I choose. Why do I need to complete your Beneficiary Designation Form? I already filled out a form before my benefit transferred to Prudential.
If this box appears on your Fact Sheet, then your benefit has a death benefit feature that requires you to designate a beneficiary:
- Prudential is required to have your valid beneficiary designation form in our records. Since your prior payer did not transfer your prior beneficiary designation form to us, we ask that you complete the form enclosed in your Welcome Kit and return it to Prudential to ensure that we have your valid beneficiary form on file.
- If this box is not on your Fact Sheet, your benefit does not have a death benefit feature.
Why do I have a Customer Identification Number?
To protect your privacy, Prudential does not use your Social Security Number (SSN) in any correspondence we send you. Instead, we create a unique Customer Identification Number (CIN) for every person with an annuity as an identifier to be used in place of your SSN in our communications to you. The CIN is a nine-digit, alpha-numeric number that starts with a letter—for example, A12345678.
How safe is my annuity?
As a highly regulated insurance company, The Prudential Insurance Company of America is required to maintain appropriate reserves to meet its financial obligations. The financial strength ratings of The Prudential Insurance Company of America indicate that our position is solid, and that we have adequate capital and liquidity to meet our obligations. Also, keep in mind that The Prudential Insurance Company of America has kept its promise to provide lifetime income to millions of Americans under group annuity contracts we have issued since 1928, without interruption. Prudential has been an industry leader in providing pension plan services for over 85 years.
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