ClearCourse(SM) Offers Participants Guaranteed Income
for Life With Upside Potential
RICHMOND, Va., May 10 /PRNewswire-FirstCall/ -- Genworth Financial today
announced that it has been selected by Smithfield Foods to provide
Smithfield's 401(k) plan participants with a unique investment option that
enables them to build over time a retirement paycheck for life.
ClearCourse(SM), the new investment option introduced to the defined
contribution market by Genworth last fall, is a group variable annuity that
distinguishes itself by offering participants of all ages guaranteed income
for life with upside potential. Smithfield Foods, headquartered in Smithfield,
VA, has more than 51,000 employees and current 401(k) plan assets of over $300
"For some time, our workers have been asking for a way to build guaranteed
retirement income inside our 401(k) plans," said Mary Fisher, Smithfield
benefits manager. "So we held focus groups with employees throughout our
company discussing the features and benefits of ClearCourse to see if it would
meet their needs. Based on very positive feedback, the Pension Committee
decided to add ClearCourse to our investment lineup."
"People are now focusing on ways to get guaranteed income -- and
ClearCourse provides just that," said Fred Conley, president of Genworth
Financial's Institutional Retirement Income Group. "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. Employers like Smithfield are
leading the way in helping employees understand the risks and realities and
giving them a way to chart a clear course to their own retirement security."
ClearCourse, a patent pending 401(k) investment option, 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 United States, Australia, Canada, Japan, Mexico, New Zealand,
the United Kingdom and 17 other European countries. For more information about
Genworth Financial, visit http://www.genworth.com.
For background on ClearCourse, please visit the ClearCourse Media Room at
SOURCE Genworth Financial
CONTACT: Anna Gauthier, APR of Genworth Financial, +1-804-289-3740,