A Genworth news release said contributions are invested in an underlying portfolio of stocks and bonds to provide an opportunity for additional returns through asset growth. Contributions to this option guarantee participants a certain amount of lifetime retirement income, regardless of actual investment returns, the company said. While accumulating assets in a 401(k) plan, participants can contribute, withdraw or transfer funds at any time to ClearCourse, according to the announcement.
“As more and more employers move away from offering pensions, the burden increasingly shifts to employees to manage their company-sponsored savings to generate sources of future income,” said Pam Schutz, president and CEO of Genworth Retirement Income and Investments, in the announcement. “We designed ClearCourse to dramatically improve the retirement landscape for employers and employees alike. This investment option offers 401(k) participants a unique approach to securing guaranteed income for life with upside potential. For individuals and plan sponsors, ClearCourse offers the transparency, liquidity, daily valuation and institutional pricing they demand.”
ClearCourse is issued by GE Life and Annuity Assurance Company, a Genworth subsidiary.
More information about the Richmond, Virginia-based Genworth Financial’s Retirement Income and Investments segment is at http://www.genworth.com .