Working within existing regulations for 401(k)s and other defined contribution plans, Nationwide Financial Services is proposing 401KIncome, a new choice for workplace savings that includes an annuity option.

Touting the offering as “a public policy solution that provides incentives for the funding of guaranteed retirement income while strengthening the current employer-sponsored defined contribution system,” Nationwide explains that 401KIncome recommends employers use their matching funds to purchase a lifetime guaranteed income stream.

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