A food company is building an annuity with a lifetime income guarantee into its 401(k) plan.

Smithfield Foods Inc., Smithfield, Va., is getting the contract, the ClearCourse group variable annuity, from Genworth Life and Annuity Insurance Company, a unit of Genworth Financial Inc., Richmond, Va.

The Smithfield 401(k) plan has 51,000 employees and about $300 million in assets.

Genworth Life is responsible for backing the ClearCourse annuity income guarantee.