Financial Engines and Mercer’s US Outsourcing business today announced that Financial Engines ® Income+, the first retirement income solution designed specifically for 401(k) plans, has been rolled out to Mercer’s defined contribution administration client base. The first three Mercer clients to go live with Income+ are Freeman, Kinder Morgan and Milacron. Financial Engines has already received commitments from six Mercer plan sponsors to offer Income+ to their more than 50,000 401(k) participants.
“Our clients look to us to help them engage and empower their employees to live, work and retire well,” said Dave Tolve, retirement business leader for Mercer’s US Outsourcing business. “Income+ is an innovative retirement income solution that can help participants prepare for and retire with confidence, and that translates into a more engaged workforce for our clients. Later this year, we are also enhancing our website by seamlessly integrating Financial Engines retirement forecasts into our online experience, further driving participant retirement readiness.”
Of the three companies to go live with Income+ this fall, Milacron will be automatically enrolling all 401(k) participants over age 60 into the service to help them protect their 401(k) assets leading up to retirement and to provide steady, reliable income in retirement. Participants can opt out of enrollment or cancel the service at any time without penalty.
“We want our employees to be well-prepared for retirement and that includes helping them save and invest, as well as helping them figure out how best to use their 401(k) assets in retirement,” explained Rodger Hodge, Milacron’s director of global human resources. “We decided to automatically enroll all plan participants in professional management with Financial Engines. For those employees nearing retirement, we automatically enrolled them in Income+ because we felt it was important to give every participant the benefit of having access to professional help in preparing for a confident transition to retirement.”