Frequently Asked Questions AGMA Retirement Plan
Member balances with AGMA Retirement are now managed by Prudential Retirement. Please visit www.prudential.com/online/retirement or call 877-PRU-2100 (877-778-2100) to view your balance, choose the investments for your Prudential account and to elect a beneficiary. If you are living overseas, the Prudential online verification will not work. In order to set up your Prudential account you will need to call the Prudential Call Center at 877-PRU-2100 (877-778-2100). The Prudential Call Center is open Monday-Friday 8am-9pm ET.
Effective April 1, 2022, Empower officially acquired the full-service retirement business of Prudential. As you navigate the website, you will notice references to Prudential and Empower as they transition the experience for all customers. You should have received additional communications following the closing date and you should start to see the Empower logo when you access your account online or in the mobile app, if you have downloaded it. For more details, review the important information associated with the acquisition.
1.When am I eligible to withdraw the funds from my Individual Account (Account) in the AGMA Retirement Plan?
A. You may withdraw funds under the following circumstances:
a) You have retired (at least age 55).
b) Termination of employment covered by AGMA collective bargaining agreement payable at any age if you have severed your employment for at least six (6) months.
c) Disability (payable at any age if you provide satisfactory medical evidence of your permanent and total disability)
d) You are turning age 70½
e) If you are the spouse of a deceased participant, you are eligible to withdraw the funds from the Individual’s Account in AGMA Retirement Plan
2. When am I vested in the Plan?
A. All participants are fully vested immediately in the Plan.
3. When are statements mailed?
A. Quarterly statements will be provided by Prudential electronically or by mail.
4. How do I apply for withdrawal/rollover of the funds in my Account?
A. Starting September 6, 2021 you must go through the withdrawal/rollover process with Prudential.
5. How do I login to my Prudential Retirement account for the first time?
A. To login to your Prudential Retirement account click here. Once you are on the Prudential login page click “Register Now” under “First time logging in?” You will then be asked to fill out basic information to create your account. From this point on you will be able to change your investment allocations and elect beneficiaries.
6. Who do I reach out to if I cannot login to my Prudential Retirement Account?
A. If you have trouble logging in to your Prudential Retirement Account, please call 877-778-2100. Prudential will work directly with you to correct the problem.
7. What is the difference between my Prudential Retirement account and the AGMA Online Member Portal?
A. The Prudential Retirement account is where you will register to allocate your investments and elect beneficiaries. The Prudential website will give you 24/7 access to your account from your computer or mobile device.
The AGMA Online Member Portal is where you will be able to view your employer retirement contributions.
8. What is a target date fund?
A. A target-date fund is an investment option-available in your retirement plan-that offers a simplified approach to investing. You choose the year you plan to retire, and the fund automatically adjusts its allocation between stocks and bonds over time as you age. Starting with a higher concentration in higher-risk and potentially higher-reward equities to help grow your portfolio; then shifting to a higher concentration in lower-risk bonds and other alternative investments when nearing retirement. This allows for the opportunity of future market growth, while helping manage your risk in case of a downturn. Keep in mind, the principal value of a target date value is not guaranteed at any time, including the target date. So, target-date funds could be a good option for folks who might not be sure what investments to pick.
9. How do I update my beneficiary information?
A. Everyone must provide updated beneficiary information to Prudential. All beneficiary information will not be transferred over from AGMA Retirement to Prudential.
10. What will happen to my Cares Act loan repayments during and after the transition?
A. If you have a loan, your loan information will transfer to Prudential and payments will continue using your current payment method. You may elect to have payments deducted automatically from an account at a financial institution shortly after September 6th, 2021. After the blackout period, payments will follow your normal payment schedule.
AGMA Retirement Plan
AGMA Retirement Plan SPD, with Amendments
Summary of Material Modification (March 2022)
Plan changes: (a) Participant-Directed Investments & Daily Valuation of Accounts; (b) Lump Sum Payments; (c) Recovery of Overpayments; (d) Required Beginning Date; (e) Beneficiary Designation
Notice of Expanded Eligibility for CARES Act Withdrawals and Loans
Notice of Increase in Required Beginning Date and of 2020 RMD Waiver