Great West Retirement Services has introduced a new set of guaranteed income investment options, SecureFoundation. The products protect participants’ retirement income when the market drops, gives them some of the upside when the market rises, and guarantees retirement income for life.
“Unlike some competitors who took a retail guaranteed income product and retrofitted it for an employer retirement plan, we built SecureFoundation specifically for the defined contribution market so it’s both portable and easy for plan sponsors to add,” said Charlie Nelson, president of Great-West Retirement Services. “In fact, adding SecureFoundation to an investment lineup is just like adding any other fund.”
Great-West says the guaranteed income also addresses a plan sponsor’s fiduciary responsibilities. Plan sponsors can select to offer one or as many of the lifetime asset allocation or balanced portfolios that Great-West offers as part of its guaranteed income investment options. Plan sponsors can also make one of these funds their qualified default investment alternative.