IncomeFlex Target offers guaranteed lifetime income, downside income protection, plus growth potential for individuals with assets in target-date or lifecycle funds. The option permits individuals to seamlessly convert their savings into a guaranteed income stream.
As the largest independent recordkeeper of 401(k) plans and a leader in retirement consulting and research, Hewitts understanding of participant behavior and what it takes to provide a successful retirement, positions them to effectively design a delivery platform for products like IFX Target, said Christine Marcks, president of Prudential Retirement.
Alison Borland, Hewitts retirement outsourcing strategy leader, added: The median rate of return for 401(k) participants was negative 28% in 2008, with 56% of workers over 60 years of age losing more than 20% of their savings. Our objective is to provide tools to employees that can reduce the risks of significant market declines shortly before retirement.