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Genworth Unveils 401(k) Annuity Income Guarantee

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NU Online News Service, April 13, 2005, 4:30 p.m. EDT

Genworth Financial Inc. has introduced a group variable annuity aimed at the defined contribution retirement plan market.[@@]

Genworth is issuing the new ClearCourse contract through its GE Life and Assurance Company unit and including a lifetime income guarantee backed by GE Life.

Employees who contribute to the ClearCourse contract can share in the growth of the underlying portfolio of stocks and bonds. GE Life is promising that it will pay contract participants a certain amount of lifetime retirement income even if the investment performance of the portfolio is poor, Genworth says.