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Genworth Financial Brings 401(k) Enhancement to Paychex Plan

ClearCourse(SM) Offers Participants Guaranteed Income for Life With Upside Potential

RICHMOND, Va., March 6 /PRNewswire-FirstCall/ -- Genworth Financial today announced that Paychex, Inc. has selected ClearCourse(SM) as a new investment option for its 401(k) plan. Paychex has more than 10,000 employees and current 401(k) plan assets of over $400 million.

"At Paychex we listen to our employees to find out what is of value to them," says Will Kuchta, vice president, organizational development. "What we heard is that they wanted something that looked and felt like a pension, something that would give them guaranteed income when they retired. Genworth came along with a great product that is an excellent match to the needs of Paychex employees."

"Paychex leaders focus on their employees' needs and are sensitive to the changing retirement landscape," says Fred Conley, president of Genworth's Institutional Retirement Income Group. "It's a bigger issue than creating a nest egg. It's not just what you save, it's what you do with those savings. Risks like living longer, inflation and market volatility can wipe out your savings. Now people are focusing on ways to get guaranteed income. We introduced ClearCourse(SM) to help companies, like Paychex, give employees a way to save at the workplace and get a retirement paycheck for life, charting a 'clear course' to their retirement security."

ClearCourse is a patent pending 401(k) investment option that distinguishes itself by offering participants of all ages guaranteed income for life with upside potential. ClearCourse is a group variable annuity issued by Genworth Life and Annuity Insurance Company.

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 24 countries, including the U.S., Canada, Australia, the U.K. and more than a dozen other European countries. For more information about Genworth Financial, visit http://www.genworth.com.

About Paychex

Paychex, Inc. (Nasdaq: PAYX) is a leading national provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, time and attendance solutions and employee pay services, including direct deposit, check signing, and Readychex(R). Human Resource Services include 401(k) plan recordkeeping, workers' compensation administration, section 125 plans, a professional employer organization, and other administrative services for business. Paychex was founded in 1971. The company has more than 100 offices and serves approximately 522,000 payroll clients nationwide. For more information about Paychex and our products, visit http://www.paychex.com.

SOURCE Genworth Financial

CONTACT:
Anna Gauthier, APR, of Genworth Financial,
+1-804-289-3740,
anna.gauthier@genworth.com;
or Laura Saxby Lynch of Paychex,
+1-585-383-3074,
lsaxbylynch@paychex.com