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Program Links Asset Allocation To Benefit Withdrawal Guarantee

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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.

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