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Products July 11, 2007
Prudential Launches New In-Plan Lifetime Income Option
Through an arrangement with Morningstar Associates, LLC, Prudential Retirement has created an in-plan asset allocation option that provides a guaranteed withdrawal benefit.
Reported by Rebecca Moore
According to a Prudential product announcement, the IncomeFlex withdrawal benefit solution is integrated with the asset-allocation models that Morningstar currently creates for participants who chose Prudential’s GoalMaker program. With the addition of IncomeFlex to a plan, in addition to GoalMaker target-based portfolios, participants will have:
- A guaranteed withdrawal benefit upon retirement,
- Upside income potential and downside income protection,
- Asset control and flexibility, including the ability to cancel at any time without a fee, and
- An optimal spousal benefit without the need for annuitization.
“The integration of IncomeFlex into our GoalMaker program creates a legitimate lifetime solution,” said Jim Mallozzi, senior vice president, Prudential Retirement, in the announcement. “It offers unbiased asset-allocation modeling during the accumulation and distribution phases of retirement planning, complete with a guaranteed income stream once a participant leaves the workforce.’
For more information, go to www.prudential.com.