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 The Prudential Insurance Company of America (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?
We transmit payments electronically to the Federal Reserve two business days before the payment due date. In accordance with federal banking rules, if a payment due date should fall on a weekend or federal holiday, the settlement date will be the next business day. Therefore, if a payment should coincide with a Saturday, Sunday or bank holiday, your direct deposit should be available in your account on the next business day.
What is the Contract that was purchased?
The Contract that was purchased is a Group Annuity Contract issued by The Prudential Insurance Company of America (Prudential). A group annuity contract is a financial product sold by an insurance company that provides guaranteed payments 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 survivor or beneficiary (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?
The Contract Number is the unique identifying number assigned to the Contract that covers the annuity that was purchased for you. Whenever you contact us, please reference the Contract Number, as it helps us to locate your records and 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. Instead, we create a unique, nine-digit, alphanumeric Customer Identification Number for each person (e.g. A12345678). Whenever you contact us, please reference the Customer Identification Number, as it helps us to locate your records and be more responsive to you.
How safe is my annuity?
Prudential 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 more than 90 years.