Retirement Engineering Inc. (REI) said it is now offering the Guaranteed Retirement Income Security (GRInS) family of products with the goal of providing the predictable retirement income found in defined benefits plans to defined contribution plans.
Initial investment vehicles will likely include GRInS PensionShares, which will be mutual fund based, and GRInS Personal Annuities, according to a program announcement. Prudential Financial is developing an annuity version of the GRInS product.
REI said it would offer GRInS products to major financial services firms to provide to savings plan clients. The announcement said Prudential Financial was the first such firm chosen.
GRInS PensionShares will be backed by securities or contracts promising payment of a defined lump sum on the maturity date and a Normalized Annuity Option, which is an instrument that gives the holder the option to buy a joint and survivor life annuity paying a minimum benefit of $1 per month per share of income for life.
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