SunTrust Bank has added a guaranteed lifetime income investment option to its institutional 401(k) investment platform. ClearCourse is a group variable annuity designed to protect plan participants from risks such as retiring in a down market and outliving their assets.
"Since 401(k) plans have replaced pension plans as a primary vehicle for retirement savings, both plan sponsors and their employees have begun to seek pension-like benefits and guaranteed income sources within their 401(k)," said Brenda Seliga, senior vice president and head of employee benefit solutions.
ClearCourse has upside exposure and downside income protection. It increases guaranteed income in the event of positive portfolio performance, but does not reduce it when negative portfolio performance decreases the account balance.
ClearCourse is available through SunTrust's institutional 401(k) plan. It is issued and guaranteed by Genworth Life & Annuity Insurance Company.