Mercer DC Clients Get IncomeFlex Access

April 29, 2009 ( - Defined contribution clients of Mercer will now have access to Prudential Retirement's IncomeFlex Target guaranteed income product.

A news release said   IncomeFlex Target consists of target-date or lifecycle funds, or asset-allocation programs, and that the guarantees offered with the product are based on the claims-paying ability of the issuing company.

“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 announcement.

Eric Levy, Retirement Business Leader for Mercer’s outsourcing business, said the Prudential deal was part of an initiative started in 2007 to develop a multi-vendor platform for guaranteed income products. “This approach complements Mercer’s position around investment independence by providing sponsors access to choices from a wide range of companies to help them meet their fiduciary obligations and provide solutions with the goal of achieving retirement security,” Levy said in the announcement.

Prudential said IncomeFlex Target gives participants control over their assets, the potential to capture market growth, and protection from market downturns.