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.
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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.

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