UBS Global Asset Management and Genworth Financial plan to introduce a guaranteed income for life option for 401(k) participants.

The feature will be available on UBS' target retirement funds and other investment products by the end of the first quarter, pending regulatory approval, the companies said.

It will allow 401(k) participants to withdraw 56% of their highest annual locked-in portfolio value for life, even if the withdrawals ultimately exceed the value of their portfolios. Genworth Life and Annuity Insurance Co. will be the issuer of the guarantee.

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