Adventist Healthcare Retirement Plan, Roseville, Calif., added Prudential Retirement's IncomeFlex Target, a guaranteed lifetime income investment option to its 403(b) and 401(a) plans with a total of $2.9 billion in assets, confirmed William Easterbrook, president of the retirement plans.
It is the defined contribution plans' first guaranteed lifetime income option and the first investment option from Prudential. The plans have the same options, and there are about 30 offered, Mr. Easterbrook said.
“We wanted to include something like that for participants that features a better price advantage than they would get on the individual market,” Mr. Easterbrook said in a telephone interview. “We thought Prudential had more traction than others.”
Aon Hewitt is the plans' record keeper. The Prudential option was recommended by Adventist's plan design committee.