Prudential Retirement to Help Clients Fulfill New 403(b) Regulatory Requirements

NEWARK, N.J.--(Business Wire)--
In response to the landmark regulatory changes to 403(b)
retirement plans set to take effect January 1, 2009, Prudential
Retirement has issued a new Planning and Resource Guide to help its
403(b) clients manage the transition to the new regulatory
environment. The guide includes an overview of Prudential Retirement's
service solutions for plan document and information sharing
requirements, as well as suggestions about how to prepare for the new
general administrative responsibilities plan sponsors will face under
the new regulations. Prudential Retirement is a business of Prudential
Financial Inc. (NYSE: PRU).

"Failure to comply with the new regulations may expose 403(b)
retirement plans to a number of significantly increased compliance,
liability and risk issues including plan audits, unintended tax
consequences and even fines," said Jamie Kalamarides, senior vice
president, Retirement Solutions. "Prudential Retirement remains
committed to the 403(b) market. We believe the new regulations present
an exciting opportunity to help our 403(b) clients make changes in
order to offer an improved plan to their employees. We have developed
a suite of tools and services aimed at helping plan sponsors
understand the regulatory requirements, simplify plan administration,
and enhance plan design to improve participant outcomes."

To address the most onerous requirement of data sharing among
multiple-provider plans, Prudential will utilize the data standards
developed by the 403(b) Task force of the Society of Professional
Asset-Managers and Record Keepers (SPARK). "We believe that having
providers utilize a consistent data sharing approach will provide the
best opportunity for successful compliance. We recognize the
complexity of this particular requirement and have developed tools to
assist plan sponsors in fully understanding the impact to their plan,"
said Kalamarides. "We've designed data sharing programs flexible
enough to meet the needs of our diverse client base."

The last revisions to the 403(b) regulations were made in 1964.
Under the previous regulations, guidelines governing plan
administration required limited involvement of the plan sponsor and
generally allowed plan participants to make all choices and deal
directly with the retirement plan provider to enroll, move assets or
to arrange for distributions.

Under the new regulations, plan sponsors must take a more active
role in administering these plans. They will now be charged with
greater sponsor oversight, input and in some cases approval," said
Kalamarides, senior vice president, Retirement Solutions, Prudential
Retirement. "Our proven success in the broader defined contribution
and 401(k) arena will help us provide needed assistance in compliance
with the new regulations to 403(b) plan sponsors and their
participants. We have the solutions to help our clients understand the
impact of the regulations. We can help them design and deliver written
plan documentation, and educate their participants about the benefits
of the plan and how to chart an appropriate course to a more secure
retirement. We are working closely with our clients to assist them in
their new obligations."

Plan administrators who wish to learn more about the tools and
solutions available should contact their Prudential Retirement service
representative. More detailed explanations of specific provisions of
the final regulations are available through Prudential Retirement Plan
Analyst and Compliance Bulletins, which can be accessed by logging
onto http://www.prudential.com/pensionanalyst.

Prudential Retirement, a business of Prudential Financial, Inc.
(NYSE: PRU), delivers retirement plan solutions for public, private,
and non-profit organizations. Services include state-of-the-art record
keeping, administrative services, investment management, comprehensive
employee investment education and communications, and trustee
services. With nearly 85 years of retirement experience, Prudential
Retirement helps meet the needs of over 3.4 million defined
contribution participants and defined benefit participants and
annuitants. Prudential Retirement has $159 billion in account values
as of March 31, 2008.

Prudential Financial, Inc. (NYSE: PRU), a financial services
leader with approximately $631 billion of assets under management as
of March 31, 2008, has operations in the United States, Asia, Europe,
and Latin America. Leveraging its heritage of life insurance and asset
management expertise, Prudential is focused on helping approximately
50 million individual and institutional customers grow and protect
their wealth. The company's well-known Rock symbol is an icon of
strength, stability, expertise and innovation that has stood the test
of time. Prudential's businesses offer a variety of products and
services, including life insurance, annuities, retirement-related
services, mutual funds, investment management, and real estate
services. For more information, please visit
http://www.news.prudential.com/.

Retirement products and services are provided by Prudential
Retirement Insurance and Annuity Company, Hartford, CT, or its
affiliates.

Prudential Retirement, Prudential Financial, PRU, Prudential and
the Rock logo are registered service marks of The Prudential Insurance
Company of America, Newark, NJ and its affiliates.

Prudential Retirement
Dawn Kelly, 973-802-7134 (office)
201-406-7248 (cell)
dawn.kelly@prudential.com

Copyright Business Wire 2008