Products May 25, 2007

RiverSource Introduces Guaranteed Lifetime Income Benefit

RiverSource has launched SecureSource, an optional living benefit rider, which offers guaranteed lifetime income for individuals purchasing a RiverSource annuity.
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For an additional fee, SecureSource offers principal protection as well as the ability to customize an income strategy to meet individual needs, according to a company news release. Individuals can withdraw any amount up to 6% for life starting at age 65 (age 68 in New York), or they can withdraw up to 7%, which will provide guaranteed income for 14 years.
Additionally, investors who select the SecureSource rider with their annuity are enrolled in Portfolio Navigator, which provides a choice of model portfolios based on the investor’s needs and goals, the release said. Asset allocation models are designed based on pre- and post-withdrawal stages.
The fee for the SecureSource guaranteed lifetime withdrawal benefit rider is 0.65% annually for the single life benefit, and 0.85% annually for the joint life benefit.
RiverSource variable annuities permit withdrawals of 10% annually without the purchase of the rider.
More information is at www.riversource.com/annuities.
Products May 24, 2007

Prudential Redesigns Retirement Planning Web site

Prudential Financial has redesigned its Web site for retirement plan participants in an effort to make online retirement planning easier.
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According to a company press release, the Web site includes:
  • a design that was extensively tested to ensure it creates an environment that’s compelling.
  • a new accounts Home Page that delivers a clear big-picture overview of every retirement account – including defined contribution, defined benefit and non-qualified programs – a participant may have with Prudential.
  • a user-friendly layout that delivers critical information about account values, contribution activity, asset allocation, and performance.
  • a design that makes it easy for participants to conduct the most common transactions, including asset re-allocations.
  • account details that are available by clicking on the account name.
  • the Retirement Income Calculator that generates a projected monthly retirement income and compares it with the participant’s expected retirement expenses.
“Our new Web site is designed to help individuals feel comfortable and confident about managing their retirement accounts online. By making the site simple and user-friendly – and by incorporating new and innovative resources and tools – we believe we can help individuals achieve better retirement outcomes,” said Jim Mallozzi, senior vice president, Marketing, Product and Advisory Services, at Prudential Retirement, in the release.

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