A Midwestern insurer has unveiled an investment option that offers 401(k) plan participants lifetime retirement income.

Underwritten by Mutual of Omaha Life Insurance Co., Omaha, the new Lifetime Guaranteed Income Account is available to plan sponsors and plan participants as part of the carrier’s retirement platform.

Among other capabilities, the investment account can:

–Convert contributions into known retirement income that participants won’t outlive.

–Reduce market risk by protecting participants from stock market volatility and the detrimental impact of a down market at retirement.

–Offer flexibility by allowing participants to move their money to other investments within their plans at their discretion.

–Provide portability by offering multiple payout options for participants and their spouses.

–Allow plan sponsors to direct matching contributions to the account regardless of where participants choose to invest, providing a pension-like benefit to employees without assuming the risks, obligations and expenses normally associated with defined benefit plans.