Wells Fargo has agreed to make Prudential Retirement’s guaranteed lifetime income solution, IncomeFlex Target, available to its over 3,000 defined contribution retirement plans, to cover over three million plan participants.
Prudential Retirement operates as a business unit of Prudential Financial, which has approximately $1.060 trillion of assets under management as of 31 December 2012.
Commenting on the alliance, Prudential Institutional Income senior vice president Sri Reddy said that the partnership will enable more and more American workers on a more secure path to and through retirement.
"This type of innovation is important as people look for help generating an income stream in retirement that will last a lifetime," Ready added.
He noted that the decision to use the Income Flex product has been taken following an extensive review and selection process that also took into consideration Prudential's leadership position and expertise in the guaranteed income space.
Wells Fargo Retirement, which caters an assortment of retirement plans, said that IncomeFlex offers 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 offered through group variable annuity contracts issued by Prudential Retirement Insurance and Annuity Company (PRIAC), Hartford, Connecticut.
Established in 1852 and headquartered in San Francisco, Wells Fargo & Company (WFC) has $1.4 trillion in assets and offers banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs in over 35 countries.
Assisting to fulfill the needs of over 3.6 million participants and annuitants, Prudential Retirement provides retirement plan solutions for public, private and non-profit organizations.