subject to our rules regarding the timing and amount of withdrawals. actually receive (e.g., $2,000) and the amount of any CDSC and/or tax withholding (in this example, a total of $2,240). This right will only apply for purposes of determining the amount payable as a Death Benefit, and in no way If your cumulative Lifetime Withdrawals in an Annuity Year are less than or equal to the Guaranteed Income Amount, they will not reduce your Under the Code, you may be required to begin receiving periodic amounts from your Annuity. You will not receive a written financial plan or investment recommendations as part of the no cost consultation. You are guaranteed to be able to withdraw the Guaranteed Income Amount for the lifetime of the designated life (or lives) provided that you do not take withdrawals of Excess Income that result in your However, the IRS may not then consider your contract to be an PAD enters into We normally will seek to maintain a weighted average portfolio duration within +/- one year of its secondary benchmark index, which duration is expected to be between 8-12 years as of February 25, 2013. Please feel free to contact us directly, toll-free, at (888) 440-2468. operations and capital structure of Pruco Life. As such, all such shares will be counted towards whether there is a quorum at the underlying funds shareholder meeting and towards the Unless you request an alternate mode of payment we make available, we make such Guarantee Payments once each Annuity Year. DO YOUR HOMEWORK and dont listen to water cooler talk exclusively. If, as we expect, the charges that we collect from the Annuity exceed our total costs in If you are a U.S. person (including resident alien), and your address of Income Percentage: The Income Percentage is used to determine the Guaranteed Income Amount associated with each The annuitized portion must be paid out over distributing firm for providing ongoing service to you in relation to the Annuity. Unless we agree otherwise and would equal or exceed that $1,000,000 threshold. Before purchasing any investment product be sure to do your own due diligence and consult a properly licensed professional should you have specific questions as they relate to your individual circumstances. Enterprise Blvd, Bozeman, MT 59718, The Harty Press (print vendor for client communications), 25 James Street, New Haven, CT 06513, Skywire Software (composition, printing, and mailing of contracts and benefit documents), 150 Post Street, Suite 500, Hypothetical Rate Sheet Prospectus Supplement Purchase You may also annuitize your Annuity and begin receiving payments for the remainder of your life (or life expectancy) as a If any scheduled systematic withdrawal is for less than $100, we may postpone the withdrawal and add the expected amount to the amount that is to be withdrawn on the next scheduled systematic Investing in a variable annuity involves risk and you can lose your money. A We may reduce or eliminate certain fees and charges or alter the manner in which the particular fee or charge is deducted. available in all states. all of 2014. Examples of arrangements under which such payments may be made For additional important information about the products, services and companies that make them available, please click here.*. the United States jurisdiction in which it is located; (c)recognized as a general hospital by the Joint Commission on the Accreditation of Hospitals; and (d)certified as a hospital or long-term care facility; OR (e)a nursing home You should seek competent tax advice on the income, estate and gift tax implications of your designations. For more information, consult the terms of your retirement arrangement. Options described below, and the frequency of annuity payments. contribute an additional $5,500 in 2014. For Annuities issued under the satisfying your RMD requirement from the Annuity. on the next anniversary of your Issue Date, and the Defined Income Benefit Charge will continue at the present rate. IN THE PROSPECTUS DATED APRIL 28, 2014, Please see the section of this prospectus, The Prudential Insurance Company of America. Beneficiary Continuation Option or as a Beneficiary Annuity, refer to the Taxes Payable by Beneficiaries for Nonqualified Annuity Contracts and Required Distributions Upon Your Death for Qualified Annuity Contracts in this Tax Considerations The period of time from the Issue Date through the last Valuation Day immediately preceding the AnnuityDate. We may change the Prudential: Discovery Select Variable Annuity - Prospectus to Pruco Life. Receive alerts on new stories, articles, and more by subscribing to one or more RSS Feeds. If in this instance the duration of the period certain is prohibited by applicable law, then we will pay you a lump sum in lieu of this option. Upon the death of the Annuitant, the Custodial Account will have the choice, subject to our rules, to either elect to receive the Death Benefit or elect to continue the Annuity. The values shown In addition, in an effort to promote the sale of our products (which may include the placement of Pruco Life and/or the Annuity on a preferred or recommended company or product list and/or access to the Overnight . You can request certain transactions through The SEC maintains an Internet site that contains reports, proxy, and information statements, and other information regarding issuers that file electronically with the SEC (see http://www.sec.gov). If you had chosen to not take any additional withdrawals until on or after 6/1/2013, then you would be eligible grantor, then the Annuity is required to terminate upon the death of the grantor if the grantor pre-deceases the Annuitant under Section72(s) of the Code. The CDSC percentage varies with the number of years that have elapsed since each Purchase Payment being withdrawn was made. If you do not file a certificate, we will automatically withhold federal taxes on the following basis: For any annuity payments not subject to mandatory withholding, you will have taxes withheld by us as if you are a married individual, with 3 exemptions, If no U.S. taxpayer identification number is provided, we will automatically withhold using single with zero exemptions as the default; and. If you elect to receive Lifetime Withdrawals using our systematic withdrawal program, please be There may be different Unit Prices for the Sub-account to reflect possible variations in charges for the Defined Income Benefit. named as having ownership rights in relation to the Annuity. the ability to opt-out of a charge increase is not provided for in your contract. spouse or under most circumstances if you transfer the contract incident to divorce. You are strongly cautioned to consult with your tax or legal advisor the Unit Price of the Sub-account as of the Valuation Day. Learn more about FlexGuard Income In 2020, a confluence of factors made it challenging for individuals to fund their retirement goals. We will notify you if an instruction is not in Good Order. Withdrawal that is considered Excess Income will proportionately reduce the Return of Purchase Payments Amount by the ratio of the Excess Income to the Account Value immediately prior to the withdrawal of the Excess Income. Growth Rate and Income Percentages that apply to your Annuity, please refer to your Annuity contract. Under the Defined Income Benefit, Non-Lifetime Withdrawals, excluding those designated as Required Minimum Distributions, Generally, a Contingent Guarantees are dependent upon the claims-paying ability of the issuing company and do not apply to the underlying investment options. Currently only one Sub-account is available under the Annuity. and principal underwriter of the annuities offered through this prospectus. In the case of an annuity or similar periodic payment, we will withhold as if you are a married individual with three The amount of that sum (e.g., the $2,000 you received plus the $240 for the CDSC and/or tax withholding) that exceeds your Statement contains information about eligibility, contribution limits, tax particulars and other Roth IRA information. Those payments include The Annuity can be mailed or delivered either As discussed in the Annuity Options section, there is an age by which you must begin receiving annuity payments, which we call the Latest Annuity Date.. You may also annuitize your Annuity and begin receiving payments for the remainder of your life (or Some of the products and services discussed on the Stages site are in development and may not be currently available. Box 7960, Philadelphia, PA 19176. The Annual. 2023 Prudential Financial, Inc. and its related entities, Prudential, the Prudential logo, the Rock symbol, Prudential LINK and LINK by Prudential are service marks of Prudential Financial and its related entities, registered in many jurisdictions worldwide. We will pay for any such second or third opinion. When we receive your distributions from your TDA by April1st of the calendar year after the calendar year you turn age 701/2 or retire, whichever is later. will depend on whether you die before the date required minimum distributions under the Code were to begin, whether you have named a designated Beneficiary and whether that Beneficiary is your surviving spouse. Financial advisors who are available through the Stages channel currently offer a more limited range of products and services as compared to the range of products and services offered through other Prudential distribution channels. It sells its annuities through a network of distributors: 500 Prudential wholesalers, 2,700 Prudential agents and 120,000 third party financial professionals that is a lot of salespeople to pay commissions to! A variable annuity may be a good choice for those who want the long-term opportunity for growth in the market and who are able to handle the risks that volatility. The Defined Income Benefit is part of your Annuity and is not an optional benefit and may not be revoked. If the initial monthly annuity payment would be less than $100, we will not allow you to annuitize (except as otherwise specified by applicable law). These payments or reimbursements may not be offered by all advisors, Additionally, if the contract is payable to (or for the benefit of) your surviving spouse as sole primary beneficiary, the contract may be continued with your spouse as the Owner. Scenario 1, calculating the GIA based on a single Purchase Payment: Issue Date: July5 of the same calendar year in which the application was signed. IRAs during the Owners lifetime. The value of theUnits fluctuates with the market fluctuations of the Portfolio. longer qualify for tax deferral where the Annuity contract continues after the death of the Annuitant. Annuity contract before you attain age 973-802-6930 Flexible Premium Deferred Annuity . may be appropriate if you intend to make periodic withdrawals from your Annuity, and wish to ensure that Sub-account performance will not affect your ability to receive annual payments, and also wish to provide a death benefit to your beneficiaries. Please read my previous blog post Are your bond assets safe in a rising rate environment? We price such transactions as withdrawal, you request a specific withdrawal amount with the understanding that the amount you actually received is reduced by any applicable CDSC or tax withholding. Under this circumstance, the contract value will be paid out to the trust We discuss the tax considerations for these categories of contracts below. year. While the Defined Income Benefit is in Effect. Withdrawals under any of the optional living benefits or as a systematic payment are taxed under these rules. that our assumptions about the mortality risks and expenses under the Annuity are incorrect and that we have agreed not to increase these charges over time despite our actual costs. A full quarter of American workers have reduced or exhausted their emergency savings because of the pandemic. It is from the late 1980s. There may be circumstances when the opening or closing time of regular trading on the NYSE is different than other major stock exchanges, such as NASDAQ or the American Stock the charges for one or more benefits under the contract are taxable withdrawals, then the sole or surviving Owner will be provided with a notice from us describing available alternatives regarding these benefits. branch managers with some firms participating in one of these compensation arrangements might receive greater compensation for selling the Annuity than for selling a different annuity that is not eligible for these compensation arrangements. You should consider the features of the contract and/or the underlying portfolios' investment objectives, policies, management, risks, charges and expenses carefully before investing. A sub-advisor, as noted above, has been engaged to conduct day-to-day management. If no U.S. taxpayer identification number is provided, we will automatically withhold using single with zero exemptions as the default. The Unit Price for the Units you purchase will be based on We would be happy to discuss which of these offer that option in order to narrow down which may work best for you and your particular goals. If you qualify, please, FlexGuard Income page at www.prudential.com, Prudential Financial celebrates Community Grants Program recipients, Check the background of this firm on FINRA's BrokerCheck. Access To Your Money: You can receive income by taking withdrawals or electing annuity However, once you take the first Lifetime Withdrawal, under sections 401(a) or 403(b) of the Code can also directly roll over eligible rollover distributions to a Roth IRA. (including a distribution from this contract) which is not a rollover is taxable. contracts. The Portfolio is a series of the Advanced Series Trust. Your email address will not be published. 1 the Account Value, and payable: You should carefully consider any possible actions by you authorized to perform transactions on your Annuity using verification methods which may include a request for your Social Security number, PIN or other form of electronic identification. Using your example, I get an initial annualized return of .246% instead of the .44% in your spreadsheet. Required minimum distributions are calculated based on the sum of the Account Value and the actuarial value of the living and death benefits riders that you have purchased under the Additional information on us and this offering is available in the registration statement and the exhibits thereto. send you will be sent to the first named Owner. When you annuitize, we apply the Account Value to one of the available annuity options to begin Also on that same October3, $15,000 is withdrawn from the Annuity and is designated as a Non-Lifetime Withdrawal. You can use the Minimum Distribution option to satisfy the required minimum distribution Value was reduced to zero as a result of withdrawals in an Annuity Year that are less than or equal to the Guaranteed Income Amount, and Guarantee Payments are still payable under the Defined Income Benefit, we will make an additional payment, if sub-advisors, or distributors, and the amounts of such payments may vary between and among each advisor, sub-advisor, and distributor depending on their respective participation.