Embed Size (px)
Citation preview
BPAS Partner Conference
Teaming Up to Deliver Value
Grand Hyatt RegencyCrystal City—Washington, DC
June 9-11, 2014
- 2 -
Teaming up to helpparticipants retire with
dignity
Benefit Plans Administrative Services, Inc. (BPAS), which includes Harbridge Consulting Group and Hand Benefits & Trust Company, is a national provider of retirement plan administration, actuarial, consulting, collective investment fund administration and VEBA / HRA services to a diverse array of clients spanning the United States and Puerto Rico. We service over 3,600 retirement plans and 350,000 plan participants through partnerships with a wide array of financial intermediaries and hold $16 billion of assets under custody. BPAS service offerings also include automatic rollover and post termination loan administration services. With nine offices and 240 employees, BPAS has the depth of professional and technology resources to deliver value-added services to all employee benefit stakeholders. At BPAS, we are committed to “Solving Tomorrow’s Employee Benefit Challenges … Today.”
Specific services of BPAS include: actuarial and consulting services for pensions and other post retirement benefits; health care consulting; full service administration for the full range of DC plans (401(k), 401(a), 1081, 403(b), 457, ESOP, kSOP, Multi and Multiple Employer plans, Prevailing Wage, etc.); administration of Collective Investment Funds; and the administration of VEBA / HRA and flexible benefit plans.
- 3 -
your partner for success
RETIREMENT PLAN SOLUTIONS DEFINED CONTRIBUTION CONSULTING AND ADMINISTRATIONDEFINED BENEFIT PLAN CONSULTING AND ADMINISTRATION IRA ADMINISTRATION
RETIREE HEALTHRETIREE HEALTH VEBA / HRA SERVICES GASB45/ASC 715 ACTUARIAL VALUATIONS EMPLOYEE BENEFIT CONSULTING
EMPLOYEE BENEFIT TRUST SERVICES VALUATION SERVICES FOR COLLECTIVE TRUST FUNDS COMPOSITE EMPLOYEE BENEFIT TRUST BPAS FIDUCIARY SERVICES
THIRD-PARTY SERVICES AUTO-ROLLOVERS MYPLANLOAN
BPAS Solutions
- 4 -
Monday June 9th1:00 pm
3 pm to 3:30 pm
3:30 pm to 4 pm
4 pm to 5 pm
5 pm to 6 pm
Registration opens. (Ballroom Regency Atrium) Enter to win an iPad Air!BPAS Firm Update (Ballroom Regency A & B)Barry Kublin, President, BPASA Bird’s Eye View of the Retirement Plan Business (Ballroom Regency A & B) Paul Neveu, Sr. Vice President of Sales & Marketing, BPASWashington and Regulatory Update: Ambitious Regulators & Their Increasing Focus on Financial Advisors & Retirement Plans (Ballroom Regency A & B)Bradford Campbell, Counsel, Drinker Biddle & Reath, LLPWelcome Reception (Ballroom Atrium)Cocktails and Hors d’oeuvres Sponsored by:
Tuesday, June 10th 7:30 am to 8:15 am Breakfast
Sponsored by:
8:30 am to 9:30 am
9:30 am to 10:15 am
10:15 am to 10:30 am 10:30 am to 11:15 am
11:15 am to 11:30 am 11:30 am to 12:15 am
Procedural Prudence and the Investment Process Contemplated by ERISA (Ballroom Regency A & B)Eugene Maloney, Executive VP & Corporate Counsel, Federated Investors, Inc.Challenges for DC Plan Sponsors (Ballroom Regency A & B)Maryann Geary, VP, Administration, BPASBreakBest Practices for DC Plans—A Global Perspective (Ballroom Regency A & B)Barry K ublin, President, BPASBreakBreakout Window #1
12:15 pm to 2 pm LunchKeynote Speaker: Defining Value: Benchmarking v2.0—Improved Outcomes for Participants & Plan Sponsors
Tom Kmak, CEO & Co-founder, Fiduciary Benchmarks Sponsored by:
Strategic SellingPaul Neveu, BPAS
CIFs, Model Portfolios & 404a-5David Hand, Hand Benefits & Trust,
a BPAs Company
IRA Rollovers, MyPlanLoan and Fiduciary Services
Sean Arnold – Rick Shultz, BPAS
- 5 -
Tuesday, June 10th (cont.)
2:15 pm to 3 pm Breakout Window #2
3:15 pm – 4 pm Exploring Special Plan Types (ESOP, kSOP, MEP, MET, VEBA) (Ballroom Regency A & B) Maryann Geary, VP, Administration, BPAS & David Ritchie, VP, Sales VEBA/HRA Services, BPAS
4 pm to 4:15 pm Break4:15 pm to 5 pm DB Plans for Professional Practice and ‘High Income Clients (Ballroom Regency A & B)
Vince Spina, President, Harbridge Consulting Group, a BPAS Company5 pm to 6 pm Cocktail/ Hors d’oeuvres Reception
Sponsored by:
Wednesday June 11th7:30 am to 8:15 am Breakfast
Sponsored by:
8:30 am to 9:15 am Financial and Economic Update: The Secular Bull Market (Ballroom Regency A & B) Ralph Acampora, CMT-Senior Managing Director, Altaira Limited
9:15 am to 9:30 am Break9:30 am to 10:15 am Panel Discussion: Investment-Related Issues —Target Date Funds as QDIAs;
Which Glidepath is Right for Plan Participants? (Ballroom Regency A & B) Featuring Four Industry Experts, Moderated by Greg Woods, BPAS
10:15 am to 10:30 am Break10:30 am to 11:15 am Breakout Window #3
11:30 am to 12:15 pm Upcoming Website and Technology Enhancements (Ballroom Regency A & B) Debra Lekki , Senior Business Analyst, BPAS & Paul Neveu, Senior VP, Sales & Marketing, BPAS
12:15 pm to 1:00 pm Panel Discussion on Investment Related Issues: Lifting the Veil on Stable Value Funds (Ballroom Regency A & B)
Featuring Four Industry Experts, Moderated by Greg Woods, BPAS1:00 pm Adjourn
Comparing Fees and ServicesJoe Boyle, BPAS
Strategies forParticipant Education
Brian Nicholson & Suzan Huckaby, BPAS
CIFs, Model Portfolios & 404a-5David Hand, Hand Benefits & Trust,
a BPAs Company
Strategic SellingPaul Neveu, BPAS
Strategies forParticipant Education
Brian Nicholson & Suzan Huckaby, BPAS
IRA Rollovers, MyPlanLoan and Fiduciary Services
Sean Arnold – Rick Shultz, BPAS
- 6 -
Best Practices for DC Plans—A Global Perspective Barry Kublin, President, BPASAutomatic enrollment plans can be a highly effective method of maximizing participation and savings rates, and in some cases, can be the deciding factor in whether participants accumulate sufficient wealth to retire. In this session, we will explore such plan types in US and non-US markets and discuss best practices, strategies to overcome resistance from plan sponsors and differentiated aspects of recordkeeper services. This session serves as a primer to other conference presentations on advanced level plan administration, benchmarking and QDIAs.
Washington & Regulatory Update: Ambitious Regulators and Their Increasing Focus on Financial Advisors and Retirement PlansBradford Campbell, Counsel, Drinker Biddle & Reath, LLPFrom the potential for significant reductions in retirement plan tax incentives to the regulatory redefinition of ERISA fiduciary advice, Mr. Campbell will discuss the legislative, regulatory and enforcement issues likely to confront advisors in the upcoming year, including
• Why the revised fiduciary regulation is likely to propose new restrictions on IRA rollover solicitations
• How and why Washington’s spending and tax reform debates are likely to target retirement plans as a source of new revenue
• What to expect in 408(b)(2) “round two” – the DOL enforcement program and its regulatory proposal to add a summary disclosure requirement
• What’s coming in lifetime income and target date fund regulation and guidance
Emerging Fiduciary Issues in Today’s Retirement Landscape:Procedural Prudence and the Investment Process Contemplated by ERISAEugene Maloney, Excutive VP & Corporate Counsel, Federated Investors, Inc.Mr. Maloney will explain the concept of a process-driven approach to due diligence and the role of the intermediary. He will also share a “best practices” guide for use by plan sponsors who are undergoing a Department of Labor investigation.
Challenges for DC Plan SponsorsMaryann Geary, Senior VP of Adminstration, BPASIn today’s ever changing regulatory environment, plan sponsors face many challenges. This session will walk you through the retirement minefield and help you disarm and dismantle the potential explosives along the way. We will explore regulatory and operational challenges and discuss procedures to ensure compliance. And, for those situations where the “bomb” has already detonated, we will show you the DOL and IRS correction programs available to minimize the damage.
Sessions & Speakers
BARRY KUBLINPresident
BPAS
BRADFORD CAMPBELLCounsel
Drinker Biddle & Reath, LLP
EUGENE F. MALONEYExecutive VP
& Corporate CounselFederated Investors, Inc.
MARYANN K. GEARY,CPC, QPFC, QPA, QKA,
TGPC, ERPASenior VP , Administration
BPAS
- 7 -
Sessions & SpeakersA Bird’s Eye View of the Retirement Plan Industry Paul Neveu, Senior VP of Sales & Marketing, BPASWhat are the key trends and statics in today’s ever changing marketplace? How can we use important statistics to create a macro level view of the retirement plan industry to help as we work with Trustees and Advisors to conduct “dashboard meetings” with clients? In this session I will provide a look into the key data points on participation rates, average balances, average contribution rates, wealth accumulation and more. I will share insights with you on how to use this information to improve key success measures within retirement plans over time – helping plans achieve their desired objectives.
Financial & Economic Update: The Secular Bull MarketRalph Acampora, CMT, Senior Managing Director, Ataira LimitedThe March 2009 low was a "Generational Bottom." We are in a "Secular Bull Market" that still has at least a decade more to run. The March 2009 low was a "Generational Bottom". The market to date is the one of the most unloved and unappreciated one in history. Investor emotions are mirroring the classic: "Secular Sentiment" path that stretches from "Fear to Greed" There is a distinct difference between a "Melt-Up" and "Bubble" and this session will cover the identifiers. Rotational leadership is the life-line of every secular bull market.
Defining Value: Benchmarking v2.0 – Improved Outcomes for Participants and Plan SponsorsThomas Kmak, CEO & Co-founder, Fidicuiary BenchmarksERISA REQUIRES that all plans pay no more than “reasonable” fees to all of their service providers. This has been reinforced by the press, litigation as well as the 408(b)(2) and 404(a)(5) regulations. In this session, Tom Kmak will discuss how Fiduciary Benchmarks’ industry leading benchmarking service has evolved from version 1 to version 2 to place a greater emphasis on the value being delivered to both participants AND plan sponsors. For participants, the benchmarking will lead to an examination of additional lead indicators that will increase Retirement Readiness. For plan sponsors, it will help them protect themselves as fiduciaries with a procedurally prudent document as well as examine the competitiveness of their program which should help attract and retain employees and longer term, lower employee benefit costs.
DB Plans for Professional Practice and “High Cash-flow” ClientsVince Spina, President, Harbridge Consulting Group, a BPAS CompanyHaving a high income solves some problems…..while producing others. If clients of yours in this situation get used to spending all of their income, then they face the dilemma of either working “forever” or dramatically changing their lifestyle if they decide to retire. The only answer for clients in this situation is to have a financial plan whereby they (1) establish a target of income they will need in retirement, (2) determine the value of assets necessary to generate income equal to this target level and then (3) set up a plan of savings and investments to accumulate this ultimate pool of assets.
Saving $52,000 a year in a 401(k) Plan likely won’t be enough to get a high-income earning to the target level; this session will discuss ways to supplement tax-deferred savings in a 401(k) Plan by implementing a Defined Benefit Plan. Participants will leave ready to discuss this option with their high-income clients.
PAUL NEVEUSenior VP, Sales & Marketing
BPAS
RALPH ACAMPORACMT, Senior Managing Director
Altaira Limited
THOMAS KMAKCEO & Co-founder
Fiduciary Benchmarks
VINCE SPINAASA, MAAA, EA
President,Harbridge Consulting Group,
a BPAS Company
- 8 -
Other SessionsStrategies for Participant EducationBrian Nicholson, Suzan Huckaby, BPASAs our retirement landscape continues to evolve, participant directed defined contribution plans have become the plan design of choice for many employers. While this plan design offers many positives for both employers and employees, it also presents its share of challenges by placing more responsibilities on each individual employee. The Strategies for Participant Education session explores benefits education in today’s fast paced world, and offers insight into various approaches that can be used to have a positive impact on employees’ lives. The session will cover a review of various medium, tactics, and ideas to not only improve participation levels – but also increase the amount of wealth collected over time – helping employees retire with dignity.
Strategic SellingPaul Neveu, BPASAdvisors and Trustees use many different strategies to pursue retirement plan business. But most agree that the quality of the interaction with the plan sponsor (and the retirement plan committee) often plays a decisive role in winning or losing business. During this session, we will review strategies, tools and techniques employed by the most successful sales people to win retirement plan relationships. This session will be helpful for anyone involved in the sales process.
Comparing Fees and ServicesJoe Boyle, BPASIn the defined contribution arena, fee disclosure has placed downward pressure on all vendor fees while plan sponsors strive to transfer more responsibility and liability to third parties. At the same time, there is much confusion when comparing fees and services among vendors. We will provide practical examples of how BPAS meets this challenge in an open platform environment driven by technology while maintaining a high level of customer interaction. This includes a discussion of fees and value – including the services that BPAS and our financial intermediary partners provide.
Exploring Special Plan TypesDavid Ritchie – Maryann Geary, BPASAre you winning your share of niche type retirement plans? In this session we will talk about marketing KSOP, VEBA/HRA, Prevailing Wage, MET, MEP, 403(b), 457, and 1081 plans. We will provide you with key information that will improve your win rate with these special plan types.
- 9 -
CIFs, Model Portfolios and 404a-5David Hand, Hand Benefits & Trust, a BPAS CompanyMany advisors today using models need low cost solutions, fee transparency, and asset classes not on the core menu of the 401(k) plan. This session will focus on how to build out Models and QDIAs that are lower in cost, better diversification, and fully compliant with QDIA regulations using Collective Trusts as well as focus on the recent DOLs view on models and best practices for advisors to create collective trust funds to replace the traditional models.
Upcoming Website and Technology EnhancementsDebra Lekki – Paul Neveu, BPASIn this session, we will review the slate of website and technology enhancement projects underway at BPAS. This will include new features, reports and functionality being developed in the websites; significant coming enhancements to CensusPro; new initiatives to integrate with payroll vendors; the development of a mobile app; rollout of e-signature; the launch ACH distributions; and much more. The session will also allow for partner feedback to help drive future initiatives.
IRA Rollovers, MyPlanLoan and Fiduciary ServicesSean Arnold – Rick Schultz, BPASCome learn how some of BPAS’ Innovative Solutions continue to enhance our rich history of partnering with Financial Intermediaries to strengthen our mutual relationships with Plan Sponsors and Participants, alike. Discover how our Fiduciary Services team can help solve your organizations and your client’s fiduciary concerns, and create additional efficiencies. In addition, we look to further enhance your business and the participant experience through our IRA rollover and MyPlanLoan solutions.
Plan sponsors are struggling to determine if they want/need an ERISA 3(38) or 3(21) fiduciary. As a financial intermediary, what role is best for you? What services can you provide to the plan sponsor and participants, and how does that affect your fiduciary status?
Our rollover solutions provide a cost-effective means to offer a complete participant experience that extends not only through the accumulation phase but, through retirement and beyond. IRA$elect has been developed as an efficient means for partners to continue to serve the needs of terminated participants by offering a rollover product on our platform. These individual accounts can have access to investments and portfolios similar to what was available as a plan participant.
MyPlanLoan offers employers a way to offer Participant Loans, without needing to burden HR and/or payroll departments with administrative responsibilities for collecting repayments or managing amortization schedules.
Other Sessions
- 10 -
American FundsSince 1931, e 1931, American Funds, part of Capital Group, has helped investors pursue long-term investment success. Our consistent approach—in combination with The Capital SystemSM—has resulted in a superior long-term track record.
Aligned with investor successWe base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 25 years of investment experience, including 21 years at our company, reflecting a career commitment to our approach.1
The Capital SystemSM
Our investment process, The Capital System, combines individual accountability with teamwork. Each fund is divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.
Superior long-term track recordOur equity funds have beaten their Lipper peer indexes in 90% of 10-year periods and 96% of 20-year periods. Our fixed-income funds have beaten their Lipper indexes in 56% of 10-year periods and 57% of 20-year periods.2Our fund management fees have been among the lowest in the industry.3
1Portfolio manager experience as of December 31, 2012. 2Based on Class A share results for rolling periods through December 31, 2012. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date. 3Based on management fees for the 20-year period ended December 31, 2012, versus comparable Lipper categories, excluding funds of funds.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Platinum Sponsors
We believe high-conviction investing and diverse perspectives mean better results.
For more information, please visit us at americanfunds.com/advisor
© 2014 American Funds Distributors, Inc.
We believe high-conviction investing and diverse perspectives mean better results.
For more information, please visit us at americanfunds.com/advisor
© 2014 American Funds Distributors, Inc.
- 12 -
FederatedA financial industry pioneer since 1955, Federated is a leading global investment manager known for its stability. Federated continues to increase our market footprint through both organic growth and strategic acquisitions to take advantage of global opportunities including expanding our European distribution as well as establishing an Asian-Pacific presence. Federated offers a wide array of investment solutions. Our products span domestic and international equity, fixed-income, alternative, and money-market strategies with the goal of long-term consistent performance. The company has a wide selection of high-quality, income-oriented investment strategies to help your clients’ pursue their investment goals. Federated believes diligently doing business the right way over time will present the opportunity for future growth. Our experienced investment professionals are committed to fundamental research and managing portfolios with the goal of outperforming benchmarks over market cycles. No matter what the market environment, our investment options can help balance clients’ portfolios. We understand the importance of diversification and allocation in reducing overall portfolio volatility. Therefore, we continue to develop competitive products with the goal of long-term consistent performance.
PrudentialPrudential Investments® is dedicated to helping you solve your toughest investment challenges—whether it's capital growth, reliable income, or protection from market volatility and other risks.
• Through ever-changing markets, we strive to be a leader in a broad range of investments to help you stay on course to the future you envision.
• Our investment professionals also manage money for major corporations and pension funds around the world, which means you benefit from the same expertise, innovation, and atten-tion to risk demanded by today's most sophisticated investors.
We believe the knowledge and experience of a financial professional provides a valuable advantage, so we make our products available through financial advisors
Web Success AgencyCompanies work with Web Success Agency for one main reason, a reason that can be found at the heart of why we exist. Web Success Agency exists to make our clients more successful.Through website design, online marketing, and business software development, we help our clients be more successful.
Smaller firms often use Web Success Agency as their entire marketing department, finding they get the value of a full service marketing agency with one convenient point of contact and the affordabil-ity which comes with not staffing an entire marketing team.
Larger firms find we help meet the goals of the Marketing Department, set the IT Department at ease, and make the Sales Department love the Marketing Department because of the leads being generated.
Is your website working for you and not against you? Are you generating qualified leads online? Is your online presence making your company more efficient? If not, talk to Web Success Agency about what we can do for you.
Platinum Sponsors
e e eratd d
Markets can be unpredictable. Since 1955, millions of investors
have relied on Federated’s experience to navigate challenging
environments.Our stability and diligent approach have led to the
investment solutions investors have come to expect from
one of the nation’s largest investment managers.
Federated is a registered trademark of Federated Investors, Inc. 2014 ©Federated Investors, Inc.
1-800-341-7400FederatedInvestors.com
Investment Solutions
Q452089 4/1/2014 3:40 PM Page 1
Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus or summary prospectus. Read them carefully before investing. Only eligible investors, including various institutional investors and investors in certain mutual fund wrap or asset allocation programs, may purchase Class Z shares. See the prospectus for eligibility requirements.Mutual fund investing involves risks. Some funds are riskier than others. The risks associated with investing in these funds include but are not limited to: derivative securities, which may carry market, credit, and liquidity risks (All funds); short sales, which involve costs and the risk of potentially unlimited losses (PZTRX, PHYZX, PIFZX, PDBZX, PRUZX, JDEZX); leveraging, which may magnify losses (PZTRX, DNMZX, PHYZX, PIFZX, PDBZX); high yield (“junk”) bonds, which are subject to greater market risks (DNMZX, PCIZX, PZTRX, PHYZX, PHIZX, PIFZX, PDBZX); foreign securities, which are subject to currency fluctuation and political uncertainty (PURZX, PRUZX, PZTRX, PDBZX, JDEZX); real estate, which poses certain risks related to overall and specific economic conditions as well as risks related to individual property, credit, and interest rate fluctuations (PURZX); and mortgage-backed securities, which are subject to prepayment and extension risks (PZTRX, PIFZX, PDBZX). Sector funds and specialty funds may not be suitable for all investors. Such funds are non-diversified, so a loss resulting from a particular security will have greater impact on the fund’s return (PURZX, PRUZX). Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise (PCIZX, PZTRX, DNMZX, PHYZX, PHIZX, PIFZX, PDBZX). The risks associated with each fund are explained more fully in each fund’s respective prospectus. There is no guarantee a fund’s objectives will be achieved.
LIVING LONGER MAY REQUIRE MORE SOURCES OF INCOME.100-year-olds are the fastest growing age group in the country.
And one in three babies born today will live to 100.
Any way you look at it, investors will be celebrating a lot of birthdays. Morningstar 4- and 5-star income funds from Prudential Investments span a variety of asset classes to help generate income today and through a long retirement, even in an extended low-yield environment.
Visit PrudentialMutualFunds.com to get more fund information, watch videos and meet the managers.
Morningstar Overall RatingTM for Class Z shares as of 2/28/2014. Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on a fund’s 3-, 5-, and 10-year star rating.
Star ratings shown are for Class Z shares, which are available to individual investors through certain retirement and wrap fee programs, and to institutions at an investment minimum of $10,000,000. Performance by share class may vary. In addition to the ones shown above, other classes, which contain either a sales load or a contingent deferred sales charge, are also available. These expenses will generally lower total fund return. Please see the prospectus for additional information about fees, expenses and investor eligibility requirements.
Some Morningstar Ratings may not be customarily based on adjusted historical returns. If so, an investment’s independent Morningstar Rating metric is compared against the retail mutual fund universe breakpoints to determine its hypothetical rating for certain time periods. For each fund with a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk- adjusted return measure that accounts for variation in a fund’s monthly performance, including the effects of sales charges, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Funds were rated against U.S.-domiciled funds. Other share classes may have different performance characteristics. Past performance does not guarantee future results.© 2014 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. Prudential Real Estate Investors and Prudential Fixed Income are units of Prudential Investment Management, Inc. (PIM). Jennison Associates and PIM are registered investment advisers. All are Prudential Financial companies. Prudential Investments, Prudential, Jennison Associates, Jennison, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.0244381-00007-00
PRUDENTIAL INVESTMENTS » MUTUAL FUNDS OVERALL RATING 3-YEAR 5-YEAR 10-YEAR
PRUDENTIAL CA MUNICIPAL INCOME FUND PCIzXMuni California Long Category 139 139 134 109
PRUDENTIAL SHORT-TERM CORPORATE BOND FUND, INC. PIFzXShort-Term Bond Category 402 402 347 245
PRUDENTIAL TOTAL RETURN BOND FUND, INC. PDBzXIntermediate-Term Bond Category 941 941 809 578
PRUDENTIAL JENNISON UTILITY FUND PRUzXUtilities Category 66 66 62 46
PRUDENTIAL GLOBAL TOTAL RETURN FUND, INC. PzTRXWorld Bond Category 266 266 224 130
PRUDENTIAL HIGH YIELD FUND PHYzXHigh Yield Bond Category 546 546 467 328
PRUDENTIAL MUNI HIGH-INCOME FUND PHIzXHigh Yield Muni Category 154 154 124 92
PRUDENTIAL NATIONAL MUNICIPALS FUND, INC. DNMzXMuni National Long Category 227 227 209 171
PRUDENTIAL JENNISON EQUITY INCOME FUND JDEzX —Large Blend Category 1,350 1,350 1,214
PRUDENTIAL GLOBAL REAL ESTATE FUND PURzXGlobal Real Estate Category 169 169 144 27
B:16 in
T:15.75 in
S:14.75 in
B:10.75 in
T:10.5 in
S:10 in
PROOF#: 2OPERATOR: TOMDATE: 3/28/14 - 1:30 PMJOB#: CINV-A4364DESC: Income-Longevity TABLE SpreadPUB: PUBDATE: LIVE: 14.75 x 10TRIM: 15.75 x 10.5BLEED: 16 x 10.75GUTTER: GCD: CD: AD: CW: AE: TRAFFIC: PROOF:
7_IncomeLongTABLE_15.75x10.5.indd 1 3/28/14 1:30 PM
Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the fund. Contact your financial professional for a prospectus or summary prospectus. Read them carefully before investing. Only eligible investors, including various institutional investors and investors in certain mutual fund wrap or asset allocation programs, may purchase Class Z shares. See the prospectus for eligibility requirements.Mutual fund investing involves risks. Some funds are riskier than others. The risks associated with investing in these funds include but are not limited to: derivative securities, which may carry market, credit, and liquidity risks (All funds); short sales, which involve costs and the risk of potentially unlimited losses (PZTRX, PHYZX, PIFZX, PDBZX, PRUZX, JDEZX); leveraging, which may magnify losses (PZTRX, DNMZX, PHYZX, PIFZX, PDBZX); high yield (“junk”) bonds, which are subject to greater market risks (DNMZX, PCIZX, PZTRX, PHYZX, PHIZX, PIFZX, PDBZX); foreign securities, which are subject to currency fluctuation and political uncertainty (PURZX, PRUZX, PZTRX, PDBZX, JDEZX); real estate, which poses certain risks related to overall and specific economic conditions as well as risks related to individual property, credit, and interest rate fluctuations (PURZX); and mortgage-backed securities, which are subject to prepayment and extension risks (PZTRX, PIFZX, PDBZX). Sector funds and specialty funds may not be suitable for all investors. Such funds are non-diversified, so a loss resulting from a particular security will have greater impact on the fund’s return (PURZX, PRUZX). Fixed income investments are subject to interest rate risk, and their value will decline as interest rates rise (PCIZX, PZTRX, DNMZX, PHYZX, PHIZX, PIFZX, PDBZX). The risks associated with each fund are explained more fully in each fund’s respective prospectus. There is no guarantee a fund’s objectives will be achieved.
LIVING LONGER MAY REQUIRE MORE SOURCES OF INCOME.100-year-olds are the fastest growing age group in the country.
And one in three babies born today will live to 100.
Any way you look at it, investors will be celebrating a lot of birthdays. Morningstar 4- and 5-star income funds from Prudential Investments span a variety of asset classes to help generate income today and through a long retirement, even in an extended low-yield environment.
Visit PrudentialMutualFunds.com to get more fund information, watch videos and meet the managers.
Morningstar Overall RatingTM for Class Z shares as of 2/28/2014. Morningstar measures risk-adjusted returns. The overall rating is a weighted average based on a fund’s 3-, 5-, and 10-year star rating.
Star ratings shown are for Class Z shares, which are available to individual investors through certain retirement and wrap fee programs, and to institutions at an investment minimum of $10,000,000. Performance by share class may vary. In addition to the ones shown above, other classes, which contain either a sales load or a contingent deferred sales charge, are also available. These expenses will generally lower total fund return. Please see the prospectus for additional information about fees, expenses and investor eligibility requirements.
Some Morningstar Ratings may not be customarily based on adjusted historical returns. If so, an investment’s independent Morningstar Rating metric is compared against the retail mutual fund universe breakpoints to determine its hypothetical rating for certain time periods. For each fund with a 3-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk- adjusted return measure that accounts for variation in a fund’s monthly performance, including the effects of sales charges, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Funds were rated against U.S.-domiciled funds. Other share classes may have different performance characteristics. Past performance does not guarantee future results.© 2014 Morningstar, Inc. All rights reserved. The information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Mutual funds are distributed by Prudential Investment Management Services LLC (PIMS), member SIPC. Prudential Real Estate Investors and Prudential Fixed Income are units of Prudential Investment Management, Inc. (PIM). Jennison Associates and PIM are registered investment advisers. All are Prudential Financial companies. Prudential Investments, Prudential, Jennison Associates, Jennison, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc., and its related entities, registered in many jurisdictions worldwide.0244381-00007-00
PRUDENTIAL INVESTMENTS » MUTUAL FUNDS OVERALL RATING 3-YEAR 5-YEAR 10-YEAR
PRUDENTIAL CA MUNICIPAL INCOME FUND PCIzXMuni California Long Category 139 139 134 109
PRUDENTIAL SHORT-TERM CORPORATE BOND FUND, INC. PIFzXShort-Term Bond Category 402 402 347 245
PRUDENTIAL TOTAL RETURN BOND FUND, INC. PDBzXIntermediate-Term Bond Category 941 941 809 578
PRUDENTIAL JENNISON UTILITY FUND PRUzXUtilities Category 66 66 62 46
PRUDENTIAL GLOBAL TOTAL RETURN FUND, INC. PzTRXWorld Bond Category 266 266 224 130
PRUDENTIAL HIGH YIELD FUND PHYzXHigh Yield Bond Category 546 546 467 328
PRUDENTIAL MUNI HIGH-INCOME FUND PHIzXHigh Yield Muni Category 154 154 124 92
PRUDENTIAL NATIONAL MUNICIPALS FUND, INC. DNMzXMuni National Long Category 227 227 209 171
PRUDENTIAL JENNISON EQUITY INCOME FUND JDEzX —Large Blend Category 1,350 1,350 1,214
PRUDENTIAL GLOBAL REAL ESTATE FUND PURzXGlobal Real Estate Category 169 169 144 27
B:16 in
T:15.75 in
S:14.75 in
B:10.75 in
T:10.5 in
S:10 in
PROOF#: 2OPERATOR: TOMDATE: 3/28/14 - 1:30 PMJOB#: CINV-A4364DESC: Income-Longevity TABLE SpreadPUB: PUBDATE: LIVE: 14.75 x 10TRIM: 15.75 x 10.5BLEED: 16 x 10.75GUTTER: GCD: CD: AD: CW: AE: TRAFFIC: PROOF:
7_IncomeLongTABLE_15.75x10.5.indd 1 3/28/14 1:30 PM
-------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------
MARKETING DIRECTORS
SALES DIRECTORS
COUNT ON US.
IT DIRECTORSFEEL SAFE WITH US.
BUY US DRINKS.
WEBSUCCESSAGENCY
//
Let’s See What We Can Do For You
Custom Website Design
Mobile Responsive Design
Custom CRM Development
Workflow Automation
Search Engine Marketing
Social Media Marketing
Email Marketing
Marketing Automation
Paid Advertising Management
- 18 -
Gold SponsorsAmerican Beacon AdvisorsSince 1986, Fort Worth, Texas-based American Beacon Advisors has been providing innovative and diversified investment solutions to help clients achieve their investment goals. We began operation as a fiduciary for billions of dollars in employee benefit plan assets and later expanded our advisory services to include institutional and retail investors.
American Beacon Advisors manages the American Beacon Funds, a series of low-cost, style-pure mutual funds. The Funds employ a “manager of managers” investment strategy that pursues investment excellence by identifying and partnering with experienced sub-advisors to deliver a variety of international and domestic equity and fixed-income solutions.
With decades of combined investment experience, American Beacon’s specialized investment management teams have the flexibility to create unique investment solutions by providing access to many of the industry’s leading investment managers. American Beacon Advisors serves defined benefit plans, defined contribution plans, foundations, endowments, corporations and other institutional investors, as well as retail clients.
The firm also provides corporate cash management and fixed-income separate account management. As of March 31, 2014, American Beacon Advisors managed more than $58 billion in assets under management. Given this legacy of high fiduciary standards, we remain focused on consistent, long-term investment performance.
NataxisNatixis Global Asset Management (NGAM) is a multi-affiliate organization that offers a single point of access to more than 20 specialized investment firms in the US, Europe and Asia. With $867.2 billion AUM1, the firm ranks among the world’s 15 largest asset managers.2 NGAM is known industry-leading ideas on asset allocation and risk management. Through its Durable Portfolio Construction® philosophy, NGAM helps institutions, advisors and individuals address a range of modern market challenges. The firm’s diverse offerings mean it is not beholden to a single house view and can work with clients on a consultative basis to deliver highly personalized investment solutions.
1 Net asset value as of December 31, 2013. Assets under management (AUM) may include assets for which non-regulatory AUM services are provided. Non-regulatory AUM includes assets which do not fall within the SEC’s definition of ‘regulatory AUM’ in Form ADV, Part 1.2 Cerulli Quantitative Update: Global Markets 2013 ranked Natixis Global Asset Management, S.A. as the 15th largest asset manager in the world based on assets under management as of December 31, 2012.
- 19 -
The StandardThe Standard is a family of companies dedicated to one core purpose: helping people achieve financial well-being and peace of mind. Founded in 1906 in Portland, Ore., The Standard has earned a national reputation for quality products, expert resources, superior service, innovation and strong financial performance.
The Standard is the marketing name for the primary subsidiaries of StanCorp Financial Group. You may know us best by the names of our subsidiaries – Standard Insurance Company, The Standard Life Insurance Company of New York, Standard Retirement Services, StanCorp Mortgage Investors, StanCorp Equities and StanCorp Real Estate.
The Standard specializes in providing group and individual disability insurance, group life, AD&D, group dental and vision insurance, absence management services, retirement plan products and services and individual annuities. We provide insurance to 23,000 groups. More than 6 million customers nationwide1 count on us to keep our promises. We're committed to doing just that, now and in the future.
1 As of Dec. 31, 2013, based on internal data developed by Standard Insurance Company.
Symons Capital ManagementSymons Capital is an independent institutional boutique investment manager with more than 30 years of experience and consistent discipline in various market environments. The firm’s retirement plan and principals’ invest side-by-side with our clients in all of the Symons Capital Management strategies. We have always focused on the goal of long-term total return while controlling risk. Our process exhibits strong risk control characteristics over the long-term as measured by volatility and downside risk metrics including: Standard Deviation, Sharpe Ratio, Sortino Ratio, Max Drawdown, Max Drawdown Recovery Length, Downside Capture, Beta, Consistent Growth of Wealth (As measured by the Zephyr K-Ratio).
T. Rowe PriceT. Rowe Price Group, Inc. has been managing money since 1937 and, today, stands as a leading provider of investment management services. We offer providers a broad array of active US and non-US.equity and fixed-income strategies, through both retail and institutional mutual funds. We emphasize proprietary, fundamental research; close attention to risk management; and consistency of style. We believe that by doing so, we can continue to provide the solid, long-term risk-adjusted performance investors have the right to expect. A financially sound, independent organization with strong employee ownership, T. Rowe Price Group, Inc. has $ 711.4B billion in assets under management as of March 31, 2014.
Gold Sponsors
As a pioneer of multi-manager strategies, American Beacon is committed to partnering
with those we judge to be “the best of the best.” Using our innovative manager-of-managers
approach, we’ve been able to deliver timely investment opportunities while pursuing
consistent results for those who’ve entrusted us with their assets.
S T R E N G T H I N
TEAMWORK
Why we stand apart
4151 Amon Carter Blvd. MD 2450, Fort Worth, TX 76155
Visit americanbeaconfunds.com or call 800.967.9009 today.
©2014 American Beacon Advisors, Inc. All rights reserved.
Manager-of-managers approach
Style purity
Competitive pricing
Ongoing due diligence
Fiduciary perspective
Strong long-term track record
The Standard is a proud sponsor of the
2014 BPAS Partner Conference
The Standard is the marketing name for StanCorp Financial Group, Inc., and its subsidiaries. StanCorp Equities, Inc., member FINRA, distributes group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third-party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc., and StanCorp Investment Advisers, Inc. are subsidiaries of StanCorp Financial Group, Inc. and all are Oregon corporations.
For more information, please contact:
James RocheStable Asset Sales DirectorOffi ce 732.815.2116Cell 732.218.2061Email [email protected]
Symons Capital is an independent institutional boutique investment manager with more
than 30 years of experience and consistent discipline in various market environments. The
firm’s retirement plan and principals’ invest side‐by‐side with our clients in all of the
Symons Capital Management strategies. We have always focused on the goal of long‐term
total return while controlling risk. Our process exhibits strong risk control characteristics
over the long‐term as measured by volatility and downside risk metrics including:
Standard Deviation Sharpe Ratio Sortino Ratio Max Drawdown Max Drawdown Recovery Length Downside Capture Beta
Consistent Growth of Wealth (As measured by the Zephyr K‐Ratio)
RISK MATTERS!
SYMONS VALUE ‐ RISK CONTROLS RESULT IN LONG‐TERM ABSOLUTE PERFORMANCE
CONTACT US FOR MORE INFORMATION INCLUDING OUR “RISK MATTERS” EXHIBIT
Lou Iovannone, President [email protected]
856‐988‐5445 Symons Capital Management ∙ Pittsburgh, PA ∙Malvern, PA ∙Marlton, NJ
www.symonscapital.com
- 24 -
Silver SponsorsEmerald Advisors, Inc.Emerald is a diversified investment management firm that specializes in actively managed institutional separate account and mutual fund investment portfolios, with an emphasis on fundamental, hands-on research. Our philosophy has been rooted in the belief that fundamental; bottom-up research is the key in gaining exceptional understanding of the companies we choose to include in our equity investment portfolios. Since the beginning we have persisted with our investment philosophy utilizing a 10-step research process generating approximately 2,000 company visits a year, targeting the best perceived early-stage growth companies. On a stock by stock basis, we look where we believe earnings will be in both growth and non-growth market cycles. This hands-on approach provides us with unique insights into industry trends as well as company specific trends that we believe gives us an advantage over managers who rely solely on traditional, top-down research techniques. Our research process, unique blend of independent thinking, strict adherence to style and process, seasoned expertise in selecting stocks, and exploitation of innovative trends, clearly differentiates us from our peers. We believe our clients are advantaged by our low turnover in investment staff which continues to enhance our collective experience and delivers consistent risk-adjusted performance.
Franklin TempletonBy bringing together multiple, world-class investment teams in a single firm, Franklin Templeton Investments is able to offer specialized expertise across styles and asset classes, all supported by the strength and resources of one of the world’s largest asset managers. Having pioneered global investing over 60 years ago, our global perspective is shaped by local expertise. Today, we have over 600 investment professionals on the ground in 25 countries spotting investment ideas and potential risks firsthand. Our experience, global resources and focus on investment excellence have helped us to become a trusted partner to millions of individual and institutional investors in more than 150 countries representing assets in excess of $890 billion.
Ivy FundsAs a part of an organization whose roots date to 1937, Ivy Funds offers investment strategies to help investors best meet their long-term goals, all designed with a disciplined approach and global perspective. While our approach seeks consistently to deliver highly competitive, long-term results, our motivation is the understanding that it’s our clients’ money we are managing. It’s our clients’ trust that drives us, and we work hard to earn it each and every day. We recognize that, as the global economy evolves, it creates new opportunities. Through our investment process and global, in-person, research, we seek to cover the plentiful investment opportunities created continuously around the world. Ivy Funds. The World Covered.
- 25 -
John Hancock InvestmentsJohn Hancock Investments provides asset management services to individuals and institutions through a unique manager-of-managers approach. We operate as an independent and well-resourced investment advisor. This structure enables us to be highly responsive, develop funds based on investor need, and then search the industry to find the portfolio management teams with the best skill set, track record, and experience to manage those funds. Our funds provide access to specialized portfolio teams at some of the best managers in the world. Our independence and experience as one of the longest-tenured manager of managers enable us to achieve what we believe is an exceptional level of oversight. Our approach to investing has led to a diverse set of investments deeply rooted in investor needs, along with strong risk-adjusted returns across asset classes.
Manning & NapierManning & Napier Advisors, LLC (Manning & Napier) is a full service registered investment advisor headquartered in Rochester, New York. Founded in 1970, the firm serves clients in all 50 states and manages $52.2 billion in client assets for pensions, 401(k) plans, endowments, foundations, and high net worth individuals as of March 31, 2014. Manning & Napier offers a variety of investment alternatives including separately managed advisory accounts, proprietary mutual funds, custody and trust services, and retirement plans with value-added services tailored to meet the needs of our clients.
SentinelSentinel delivers a range of investment solutions managed by focused, dedicated teams of specialists. Each team has a unique process, while all share our firm’s most basic values:
• A commitment to bottom-up, fundamental research• A desire to deliver competitive returns during strong market environments and superior
relative performance in down markets• A commitment to results measured in years rather than days, weeks or months
Learn more at www.sentinelinvestments.com.
ThornburgFounded in 1982 and headquartered in Santa Fe, New Mexico, Thornburg Investment Management advises a range of active investment strategies, each offered through multiple vehicles to serve a broad spectrum of client needs worldwide. Our goals are to provide attractive returns through active portfolio management and to help clients reach their long-term financial goals. From short-term fixed income to flexible global equity, we focus on the fundamentals, invest for the long term, and go wherever we see value. As of December 31, 2013, Thornburg managed $94 billion in assets. The Thornburg retirement group provides a series of share classes including zero revenue shares and collective investment trusts specifically designed for the retirement plan market. Our mutual funds are available as an investment option on many leading open-architecture and bundled-service 401(k) platforms. Thornburg’s team of retirement plan professionals is dedicated to helping sponsors follow prudent decision-making processes based on industry best practices. Via educational seminars, books, and investment tools, Thornburg strives to be a leader in providing resources for plan advisors and plan sponsors to identify and fulfill fiduciary responsibilities.
Silver Sponsors
- 26 -
Notes
- 27 -
Notes
6 Rhoads Drive, Suite 7 | Utica, NY 13502 | 866.401.5272 | bpas.com
