OREANDA-NEWS. Prudential Retirement and Wells Fargo announced that Wells Fargo will make Prudential Retirement Insurance and Annuity Company’s guaranteed lifetime income solution, Prudential IncomeFlex® Target (Prudential IncomeFlex®) , available to their more than 3,000 defined contribution retirement plans, covering more than three million plan participants. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE: PRU).

“Prudential Retirement is pleased to partner with Wells Fargo in helping place more and more American workers on a more secure path to and through retirement,” said Sri Reddy, senior vice president of Institutional Income for Prudential. “We are happy that Wells Fargo has joined the growing list of record keepers who offer Prudential IncomeFlex® to their defined contribution plan clients.”

“Retirement income is the natural evolution of retirement planning,” said Joe Ready, director of Wells Fargo Institutional Retirement and Trust. “Participants know they need to save a target amount by the time they retire, but it doesn’t stop there; they need help converting their nest egg to a steady stream of income they can’t outlive.”

Wells Fargo Retirement offers a suite of retirement solutions and considers Prudential IncomeFlex® to be an excellent complement to their existing products and services. Prudential IncomeFlex® is an innovation for defined contribution plans that provides participants with: guaranteed lifetime income, sustained potential for growth, downside protection for retirement income and complete access to their market value.

Guaranteed income benefit is provided through group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, CT. Guarantees are based on the claims-paying ability of the insurance company and are subject to certain limitations, terms and conditions. Withdrawals in excess of a participant’s lifetime annual withdrawal amount will reduce further guaranteed withdrawals proportionally and may even eliminate them entirely.

“This type of innovation is important as people look for help generating an income stream in retirement that will last a lifetime,” said Ready. “Our research tells us that people are looking to their employers to offer a lifetime income option in retirement accounts.”

“Our decision to use Prudential’s Income Flex product is a result of an extensive review and selection process that also took into consideration Prudential’s leadership position and expertise in the guaranteed income space, evident in a market where their solution is already available in over 7,000 defined contribution plans,” added Ready.