The retirement services arm of Prudential Financial Inc. has developed a retirement plan option that combines a benefit guarantee with investment management help.
Prudential, Newark, N.J., says it has worked with a unit of Morningstar Inc., Chicago, to create the new IncomeFlex feature for retirement plan members ages 50 and older who use Prudential’s GoalMaker asset-allocation program.
The IncomeFlex feature will create a guaranteed withdrawal benefit when participants retire.
The feature also includes an optional spousal benefit, Prudential says.
Plan members do not need to annuitize to use the option, Prudential says.