New Institutional Product Guarantees Income for Life
With Upside Potential
RICHMOND, Va., April 13 /PRNewswire-FirstCall/ -- Genworth Financial
(NYSE: GNW) today announced a new product designed to revolutionize the
defined contribution plan market by filling a void that has existed since the
inception of the 401(k) in the 1970s. Defined contribution plan investment
options typically offer either equity market growth potential or guaranteed
rates of return. Now, U.S. employees can get both in a single investment
designed specifically for the 401(k) market, allowing them to chart a "clear
course" to their own retirement security.
Genworth's new ClearCourse(SM) group variable annuity distinguishes itself
by providing guaranteed income for life with upside potential. Importantly,
the investment option is designed for future portability. ClearCourse(SM) is
issued by GE Life and Annuity Assurance Company, a Genworth subsidiary.
ClearCourse(SM) is available to any U.S. employee whose employer offers it
as an investment option within their 401(k) plan.
"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," says Pam Schutz, president and CEO of
Genworth Retirement Income and Investments. "We designed ClearCourse(SM) 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(SM) offers the transparency, liquidity, daily
valuation and institutional pricing they demand."
"We believe we are creating a new investment category with
ClearCourse(SM)," continues Schutz. "The concept of an 'insured' defined
contribution plan is the kind of innovative approach our country has been
looking for to help solve the retirement security dilemma Americans are
facing."
ClearCourse(SM) is designed to provide growth, guarantees and flexibility.
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. While
accumulating assets in a 401(k) plan, participants can contribute, withdraw or
transfer funds at any time to ClearCourse.(SM)
Genworth Financial's Retirement Income and Investments segment, based in
Richmond, Virginia, is dedicated to helping families provide for their futures
and achieve a reliable stream of retirement income. Our companies offer
fixed, variable and income annuities; variable life insurance; asset
management; and specialized products like guaranteed investment contracts,
funding agreements and structured settlements. Our product suite supports
distributors' financial planning models and its strong distribution network
reaches nationwide.
About Genworth Financial
Genworth (NYSE: GNW) is a leading insurance holding company, serving the
lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers, and has operations in 22 countries,
including the U.S., Canada, Australia, the U.K. and more than a dozen other
European countries. For more information about Genworth, visit
http://www.genworth.com.
SOURCE Genworth Financial
CONTACT: Anna Gauthier of Genworth Financial, +1-804-289-3740, or
Anna.Gauthier@genworth.com
Web site: http://www.genworth.com
(GNW)
