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April 09, 2003
Guardian Demonstrates Its Commitment To Its 401(k) Business
New York, NY April 9, 2003 - The Guardian Life Insurance Company of America today announced a pair of key enhancements to its 401(k) PLUS with The Park Avenue PortfolioSM — expanded fund offerings and the addition of web-based technology for easy installation and administration.
In addition, Guardian announced that it has added 23 new investment options for companies currently enrolled in The Guardian Advantage group variable annuity. The company continues to service existing clients but it is not pursuing new customers.
"Guardian is committed to its entire 401(k) business. We are committed to growing the number of companies that use 401(k) PLUS, and to providing all of our customers with high level of service they have come to expect from Guardian," said Gary B. Lenderink, executive vice president, Guardian, Risk Management Products.
Regarding the company's plans for The Guardian Advantage going forward, Lenderink said, "We are unequivocally committed to our customers enrolled in The Guardian Advantage and intend to keep this business in our portfolio for the long term."
The Guardian Advantage is an unregistered, group variable annuity used as a funding vehicle for 401(k) plans. 401(k) PLUS with The Park Avenue PortfolioSM is a registered product that is currently available to companies of all sizes through their benefits and retirement plan brokers.
Summary of enhancements to 401(k) PLUS: In addition to the eleven automatically selected Park Avenue Portfolio family of funds, plan sponsors may now choose up to six additional funds from a list of 30 funds managed by AIM, Alliance, American Funds, Putnam and Franklin Templeton. The new funds are designed to complement the existing Park Avenue Portfolio and to fill in any style gaps.
And, through a partnership with ExpertPlan* to provide Internet access to retirement planning programs and services, plan sponsors can perform a wide variety of record keeping and administrative tasks online. Plan participants will have easier access to their accounts, with daily valuation of assets, via a password protected website.
"These changes make 401(k) PLUS more attractive to employees and easier to use for the people who administer them," said Bruce Long, executive vice president, Guardian, Equity Products. "It's part of our commitment to offering high quality, easy to use products, backed up with best-of-breed customer service."
As before, 401(k) PLUS continues to offer Class K shares on Park Avenue Portfolio funds to most employee benefit plans. Class K shares have no upfront sales charge, and back-end charges are waived if the shares are not redeemed in the first 18 months from purchase. Guardian Retirement Services, a business unit of Guardian, continues to offer full plan administration for all 401(k) PLUS plans.
Summary of enhancements to The Guardian Advantage: The Guardian Advantage now offers a wider range of investment options, which help broaden selection within asset classes and fill in style gaps, from three mutual fund families --Alliance Capital, Franklin Templeton and PBHG --as well as from Dreyfus, MFS, Fidelity, American Century, AIM and Janus. Each of these fund managers, along with The Park Avenue Portfolio, already have funds offered through The Guardian Advantage.
"The addition of these new choices will assure our clients that their employees have access to a broad selection of quality investment options," said Dennis Mosticchio, vice president, Guardian, Group Pensions. "It's one of the ways that we are fulfilling our promise to our clients that we will continue to service and improve the quality of The Guardian Advantage."
This expanded fund lineup is being offered to all Guardian's existing Guardian Advantage clients through letters mailed recently and the company's web site. Clients may add as many of the new investment selections as their plan permits, subject to a maximum limit of 45 funds per plan.
* ExpertPlan is an independent company and not an affiliate or subsidiary of Guardian or any of its affiliates.
About Guardian
The Guardian Life Insurance Company of America, New York, NY (Guardian) is the fourth largest mutual life insurance company in the United States. As of December 31, 2002, Guardian and its subsidiaries had $34.1 billion in assets. Founded in 1860, Guardian is listed among Fortune magazine's top 300 businesses---and in 2003 was ranked once again as one of the top 10 most admired life and health companies in Fortune's "America's Most Admired Companies" list. With 5,500 employees, over 2,700 financial representatives and 100 agencies nationwide, Guardian and its subsidiaries protect individuals, businesses and their employees with life, disability, health and dental insurance products, and offer 401(k), mutual fund and annuity investment products, and trust services. More information on Guardian can be obtained at: www.guardianlife.com.
The Park Avenue Portfolio family of mutual funds, the additional funds offered under the 401(k) PLUS, and the investment options offered under The Guardian Advantage group variable annuity are sold by a prospectus. The prospectus contains important information including risks, fees and expenses. It should be read carefully before investing or sending money. Please call 1.800.221.3253 for a prospectus.
The Guardian Advantage group variable annuity is issued by The Guardian Insurance & Annuity Company, Inc. (GIAC), a Delaware corporation. 401(k) PLUS with The Park Avenue Portfolio is issued by Guardian Investor Services LLC (GIS). GIAC and GIS are located at 7 Hanover Square, New York, NY 10004. GIAC and GIS are wholly owned subsidiaries of The Guardian Life Insurance Company of America, New York, NY.
GIS is a member of NASD, SIPC.
Shares of The Park Avenue Portfolio, the additional funds offered under the 401(k) PLUS, and underlying investment options offered through The Guardian Advantage group variable annuity are not deposits or obligations of, or guaranteed or endorsed by any bank or depository institution, nor are they insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, the National Credit Union Association or any other agency. They involve investment risk, including possible loss of principal amount invested.
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