Companies that want to offer employees a way to generate a guaranteed lifetime income stream in retirement through their 401(k) plan can now add Prudential’s IncomeFlex to their investment lineups. With IncomeFlex, participants incrementally build guaranteed income for their retirement years.
IncomeFlex provides participants with guaranteed lifetime income, sustained potential for growth, downside protection for retirement income and complete access to their market value (for themselves and their heirs).
Wells Fargo Retirement said it is building a suite of retirement income solutions to offer plan sponsors. “Offering an array of retirement income services is the direction the industry is heading,” said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. “This type of innovation is important as people look for help generating an income stream in retirement that will last a lifetime. This product offers us another opportunity to consult with our clients and help them select the option best suited for their unique needs so they can help their participants generate a monthly paycheck in retirement.”