FREQUENTLY ASKED QUESTIONS

Financial security isn't just about getting a check, it's about having right information at your fingertips. Select a question and get the answers you need:
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& Answers
Q

Will I receive an EFT statement from Prudential for my monthly benefit?

On and after December 18th, you can access information about your EFT payment securely online any time you need it at www.prudential.com/retirementgateway/GM. Click the “login” button to access your account details. Online payment advice details are a safer, faster, and greener alternative to paper statements. Prudential will not mail EFT advice statements.

Q

I currently have a Power of Attorney on file - will that information be transferred to Prudential?

We have requested this information from the prior pension benefit payer and expect to receive it in the mid-December timeframe.

Q

Will I be receiving Cost of Living Increases or Bonuses in my payments from Prudential?

No. The group annuity contract does not provide for Cost of Living Increases or Bonus payments.

Q

How will my EFT annuity payment show on my bank statement?

Prudential’s EFT payment should show as "ANNTY PYMT" on your individual bank statement.

Q

Why do I have to wait until the April or May 2013 timeframe for my Group Annuity Certificate?

This timing is necessary to ensure the correctness of your annuity certificate and the certificates that we will issue to other General Motors retirees. We hope you will find this timing reasonable given the following steps we intend to take to maximize the likelihood of a successful issuance of accurate annuity certificates to approximately 110,000 General Motors retirees.

First, we will send a Welcome Kit to every retiree and beneficiary in mid-December. It will include personalized annuity payment information that confirms the data we have on our files. We will need a reasonable period of time to react to any corrections that are identified by recipients of the Welcome Kit mailing and reported to us.

Second, over 90,000 retirees have a Part B primary benefit with portions of their total annuity payment guaranteed by three insurers. In our capacity as "lead administrator" of your total benefit we will include, in the same mailing package, annuity certificates for all three insurers (Prudential, MetLife and Aetna). This is only applicable to you if you have a Part B primary benefit. However, in order to complete the entire certificate mailing process, Prudential will need information from the other insurers to coordinate this mailing, and we don't expect to receive this information until late in the first quarter of 2013.

As soon as these steps are completed, we will be able to send the Group Annuity Certificate mailing to you and all the other General Motors retirees and beneficiaries covered under the group annuity contract.

Our commitment to you is to provide you with an accurate, complete, and easily understandable certificate package early in the second quarter of 2013.

Q

I am interested in state guaranty associations - where can I get more information?

You can find information about state guaranty associations at www.nolhga.com.

Please note that Prudential Financial is not responsible for information contained on external websites. The websites are provided to you for informational purposes only. The information on the websites has not been verified by Prudential Financial or its companies, nor does Prudential Financial make any representations as to the information’s accuracy or completeness.

Q

How safe is my Prudential annuity?

Your annuity is provided under a group annuity contract issued by The Prudential Insurance Company of America, a New Jersey life insurance company whose principal office is located in Newark, New Jersey. As a highly regulated insurance company, The Prudential Insurance Company of America is required to maintain appropriate reserves to meet its financial obligations. Click here to learn more about Prudential.

 

Q

How is my annuity payment protected?

The Prudential Insurance Company of America, as a highly regulated insurance company, is required to maintain appropriate reserves to meet its financial obligations. In the event that an insurer is thought to have severe financial difficulties, the insurance regulators in the company's home state will actively work with the company to return it to financial health. In the unlikely event that an insurer is declared insolvent, state guaranty associations would then become involved. Each state (and Puerto Rico and the District of Columbia) has a guaranty association, operating under individual state laws. Coverage by guaranty associations is subject to certain limits, and the protections provided will vary based on state rules and the type of annuity benefit you are receiving. State guaranty associations act as a form of insurance for insurance companies, and are funded by insurance companies that sell insurance in a given state.

Q

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. A group annuity contract is a financial product sold by an insurance company that provides a guaranteed stream of income for members of a group at stated intervals (in this case monthly) for each recipient's lifetime, and, in some circumstances, if applicable, for the lifetime of a joint annuitant (such as a spouse) thereafter.

Q

What is happening with my taxes?

Your prior pension benefit payer provided your current federal and state income tax withholding amounts to us, and we will continue to reflect those amounts in your monthly payments for the next six to nine months. However, Prudential is mandated by applicable federal and state withholding requirements to secure new withholding election forms from you and to maintain those forms in our records within a reasonable period of time after the administration of your benefits transitions to us. Therefore, you can expect to receive a tax withholding election mailing four to six months after your first payment from us.

Q

What will I be receiving, and when?

  1. A Welcome Kit containing important information about your pension benefit and the payments you will receive from us. The Kit will be personalized with your specific information and will be mailed the third week of December.
  2. A Group Annuity Certificate that documents Prudential's guarantee to you and describes the features of your payment. It will be mailed to you early in the second quarter of 2013.
  3. A mailing regarding your future tax withholding requirements. It will include the forms you may need to complete and easy directions on how to complete them. It will be mailed to you during the second quarter of 2013.
Q

I currently receive my pension benefit through direct deposit. Will Prudential continue that deposit?

If you currently receive your pension through direct deposit, your prior payer provided that information to Prudential, and we will continue direct deposit of your benefit. No action or information is required on your part for Prudential to continue your direct deposit.

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