Prudential announced its deals with both companies: Hewitt will provide multi-channel, fully integrated access to the Prudential offering, as part of its package offered to mid-to-large-sized companies. At Mercer, defined contribution clients will also have access to the product, according to a news release.
IncomeFlex Target consists of target-date or lifecycle funds, or asset-allocation programs with a guaranteed income feature. Prudential said IncomeFlex Target gives participants control over their assets, the potential to capture market growth, and protection from market downturns (see “Prudential Adds IncomeFlex to Target-Date Funds“).
“This arrangement can help American workers avoid the serious risks of market volatility during the years just prior to retirement, while seamlessly creating guaranteed, lifelong income through investments in popular target-date funds or asset-allocation programs,” said Christine Marcks, president, Prudential Retirement, in the release.