ESI is closed on Thanksgiving Day – Thursday November 26th, and will re-open for a limited day on Friday November 27th with phone operating from 9:00am until 2:00pm EST.
TC118266(1120)1
Month: November 2020
Product Updates
Nationwide Define Protection Annuity, DPA Variable Annuity Now Available
The Nationwide Defined Protection Annuity is a single purchase payment deferred variable annuity, (VA) contract issued by Nationwide Life Insurance Company. This VA is referred to as a registered index linked annuity, RILA, or hybrid annuity – due to product features that resemble a fixed indexed annuity. Under this annuity, contract owners may lose principal. The performance of the annuity will be dependent on the underlying index selected and the level of downside protection chosen by the contract owner. The Defined Protection Annuity offers three Protection Levels:
- 100% Protection Level for maximum protection
- 95% Protection Level
- 90% Protection Level
Click here for more information.
For additional information, please contact Nationwide at 1-800-321-6064.
Watermark Lodging Trust/Carey Watermark NAV Update – COVID-19 Impact
The estimated NAV for the Watermark Trust has been updated as of September 30, 2020. Here is the link to the 8-K report:
https://www.sec.gov/ix?doc=/Archives/edgar/data/1609471/000160947120000036/wlt-20201119.htm
TC118266(1120)1
Final ESI eDelivery Raffle Qualifiers
As you know, to increase our e-delivery client subscribers, ESI is sponsoring a raffle for both registered representatives and non-registered fingerprinted (NRF) persons- click here for the raffle details. Below are the final number of entries. For those participants who met the minimum number of submissions, the raffle drawing will be November 30th.
*Please note that the incorrect submission deadline was included in the ESI Insights. We apologize for the error.
Registered Representative Leaderboard as of 11/13/20 (note that a minimum of 20 e-delivery subscriptions per entrant must be received to be eligible to win):
Non-Registered Participants Leaderboard as of 11/13/20 (note that a minimum of 20 e-delivery subscriptions per entrant must be received to be eligible to win):
TC118266(1120)1
It’s That Time of Year Again!
| Year End Dates and Reminders – Brokerage Operations |
With the end of the year quickly approaching, please make note of the following important deadlines for business processing.
Important Note: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) waived Required Minimum Distributions (RMD’s) from retirement accounts for calendar year 2020, including beneficiary distribution accounts. However, for clients who have not suspended their 2020 RMD payment and are scheduled to received a December payment, the dates below are the applicable deadlines.
| BROKERAGE OPERATIONS – IMPORTANT DATES | |
| Dec. 11, 2020 | Systematic Withdrawals from Retirement Accounts scheduled for payment between December 11th and December 31st will be “pulled forward” in the December 11th nightly cycle. Trades at the client’s instruction should be placed, if necessary, to satisfy the distribution. Partial distributions will be made on December 31st if cash is available in the account. This deadline will allow for corrective actions on incorrect banking or address information. |
| Dec. 16, 2020 | Roth IRA Conversions – It is strongly recommended forms be received, in good order, by December 16th. After this date, conversions will be made on a best efforts basis. Under no circumstances can a request be backdated. Required Minimum Distributions – It is strongly recommended requests be received, in good order, no later than December 16th to ensure proper processing. This will allow time for corrections to incorrect banking and/or address information. |
| Dec. 15, 2020 | Alternative Investments 2020 Annual Custody & Valuation Fees – $35 per registered position, $125 per unregistered position, ($500 maximum Fee) are applied to accounts with eligible positions. If insufficient funds exist in the core fund, an unsecured fee posting will be placed in the account for the outstanding balance of the fee. Fee postings which are not resolved by February 12, 2021 will be reversed and charged to the Registered Representative’s commissions. |
| Dec. 28, 2020 | Systems Deadline for New 2020 Periodic Distributions Plans – must be established and approved in ICP by December 28, 2020 in time to pay in 2020. Beginning December 29, 2020, Fidelity Clearing & Custody will establish periodic distribution plans for 2020 only. |
| Dec. 31, 2020 | Fidelity Clearing & Custody Fee Processing and Balance Reminders – In order for a client to avoid the $35 non-qualified account custody fee, they must have one commissionable transaction settle in 2020 or have a $10,000 balance in the core money market fund on December 31, 2020. Last trade date for 2020 regular way settlement is December 29, 2020. |
| Dec. 30, 2020 | IRA Distributions – December 30, 2020 is the last day an EFT can be sent out of an IRA account as a 2020 distribution. Any EFT distribution entered on December 31, 2020 will be deleted and added as a check to the address of record. |
| Dec. 31, 2020 & Jan. 2, 2021 | Fidelity Clearing & Custody – “Inactivity” Fee Assessed & Charged – Client accounts are assessed for eligibility/waiver of Custody Fee on December 31, 2020 and, if eligible, are charged the fee on January 2, 2021. |
| Jan. 11-31, 2021 | Securities Liquidations to cover Unpaid Fee Postings – ESI home office will begin the process of liquidating securities to cover unpaid fee postings related to the NFS IRA Custody Fee and non-qualified “Inactivity Fee”. Accounts with eligible securities will have trades placed to cover “debit” balances related to fee postings, as well as applicable transaction charges. Customer confirmations will be marked “To Cover Debit”. Representative’s will be charged the $25.00 service fee if ESI home office has to place trades |
Please contact ESI at (800) 344-7437 with questions.
TC118131(1120)1
Happy (early) Thanksgiving! Check out ESI’s Phone Schedule for Next Week!
ESI will be open for normal business hours Monday November 23rd through Wednesday November 25th.
We will be closed on Thanksgiving Day – Thursday November 26th, and will re-open for a limited day on Friday November 27th with phones operating from 8:45am until 2:00pm EST.
TC118131(1120)1
Year End Hibernation for ESI Training Reminder Emails
Your weekly training reminders have been put to bed for 2020. But fear not, they’ll be back and raring to go come January!
In the meantime, we have plenty of recorded trainings sitting in the ESI Training Corner on the NL Agent Portal available 24-7!
TC118131(1120)1
You May Have “Noticed” Something in Your Emails…
Lots of important notifications come your way Q4 each year! Have you seen all that have gone out recently?
Field Notice 2020-44 2020 Year End Dates and Reminders – Brokerage Operations
Field Notice 2020-45 Sending Business Direct
Field Notice 2020-46 Alternative Mutual Funds
Field Notice 2020-47 Monitoring APM Accounts
TC118131(1120)1
e-Delivery – Closing in on the Finish Line!
To increase our e-delivery client subscribers, ESI is sponsoring a raffle for both registered representatives and non-registered fingerprinted (NRF) persons! Click here for raffle details and start promoting eDelivery so that you can participate!
And don’t forget! Raffle ends Monday November 30th!
That’s only 12 days away!
Registered Representative Leaderboard as of 11/13/20 (note that a minimum of 20 e-delivery subscriptions per entrant must be received to be eligible to win):
Non-Registered Participants Leaderboard as of 11/13/20 (note that a minimum of 20 e-delivery subscriptions per entrant must be received to be eligible to win):
TC118131(1120)1
Important Product and Benefit Changes from Prudential
| As we continue to transform our business and product lineup, we are deepening our focus on Protected Outcomes – strategies that help more Americans grow and protect their assets, delivered through simpler and more powerful technology-enabled experiences. For Prudential, this pivot also is designed to help reduce business complexity and interest rate sensitivity, while improving overall capital efficiency. In line with these goals, we are making the following changes to our variable annuity products and guaranteed living benefits effective December 31, 2020. As of December 4, 2020, we will only accept applications for the below products with direct funding. Applications with transfer of asset paperwork or where clients are going for funds will be declined if received on or after December 4. All applications and/or initial funding received after December 31, 2020 will also be declined. |
Product Closures
The following products and their respective benefits will no longer be available for new business.
- Prudential Premier Retirement Variable Annuity B Series
- Prudential Premier Retirement Variable Annuity C Series
- Prudential Premier Advisor Variable Annuity
- Prudential Defined Income Variable Annuity
Optional Benefit Closures
Benefits associated with the closed products noted above will no longer be available for election for new business and existing clients. This includes:
- Highest Daily Lifetime Income v2.1 benefit suite
- Highest Daily Lifetime Income v3.0 benefit suite
- Legacy Protection Plus
In addition, the following benefit will no longer be available for election for new business and existing clients:
- Defined Income Benefit available on the Prudential MyRockSM Advisor Variable Annuity
Changes to Future Additional Premiums
We will begin restricting additional premiums (“sub-pays”) when guaranteed living benefits have been elected as follows:
Please see the prospectus supplements and transition rules for more information regarding these changes. Please note that all products and/or benefits may not be available with all broker-dealers.
These changes will be communicated to all impacted in-force clients and your financial professionals on or about November 5, 2020.
We remain committed to supporting you and serving your clients as they continue to benefit from the value our annuity products and optional benefits provide.
The Annuities business remains a key contributor to Prudential’s diversified mix of businesses, and these decisions help us build an even stronger foundation for our future growth in Protected Outcomes. Our series of recent product suite expansions, including FlexGuard, the development of the Dynamic Income Benefit on our fee-based MyRock Advisor Variable Annuity, and the launch of our new concierge sales channel model for Registered Investment Advisors (RIAs) are each consistent with this focus.
We will continue to innovate, enhance, and develop additional income and protection solutions, working together with broker-dealers and financial professionals to expand our reach to more people, and ensuring that individuals have access to the solutions they need to plan for the life they want to live.
For any questions related to these changes, please contact the National Sales Desk at 1-800-513-0805.
Investors should consider the features of the contract, index strategies, and the underlying portfolios’ investment objectives, policies, management, risks, charges and expenses carefully before investing. This and other important information is contained in the prospectus, which can be obtained by contacting the National Sales Desk. Clients should read the prospectus carefully before investing.
Annuities are issued by Pruco Life Insurance Company (in New York, by Pruco Life Insurance Company of New Jersey), located in Newark, NJ (main office), or by Prudential Annuities Life Assurance Corporation located in Shelton, CT. (main office). Variable annuities are distributed by Prudential Annuities Distributors, Inc., Shelton, CT. Prudential Annuities is a business of Prudential Financial, Inc.
© 2020 Prudential Financial, Inc. and its related entities. Prudential, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
For Broker – Dealer Use Only. Not for Use With the public.
1041655-00002-00 Ed. 11/2020
[ISG_EM_ANN44_01]
TC118003(1120)1