Financial Engines® (NASDAQ: FNGN), America's largest independent registered investment advisor, today announced strong demand for its Income+ solution with more than 50 signed contracts, totaling over $79 billion in retirement assets to serve the needs of over 900,000 employees. Against a backdrop of continuing economic anxiety for many retirees, some of the largest companies in America have signed on to offer Income+ for employees as they chart their financial futures. And already, nearly $30 billion of those assets are live and rolled-out for more than 340,000 employees. Launched in January 2011, as the first retirement income solution designed specifically for 401(k) plans, Income+ helps protect participants from big losses before retirement and generates steady monthly payouts that can last for life. In addition, Income+ gives near-retirees and retirees the ability to talk to a non-commissioned advisor representative about their total retirement income picture.
“Baby Boomers are facing a new kind of retirement, with decisions that are more complex and a world that is more uncertain than their parents experienced a generation ago,” said Jeff Maggioncalda, president and CEO of Financial Engines. “They are attracted to Income+ because it can create the kind of safe but flexible spending from their investment accounts that is needed in this new reality.”
Income+ empowers employees to make the right decisions at the right time, keeping funds in their 401(k) accounts without locking them into a particular investment such as an annuity. Employees can choose when to start payouts, stop payouts, and take additional withdrawals, so they have full access to their 401(k) savings as needed. Employees can cancel at any time with no fee or penalty.
“At UL, we want our employees to live a financially healthy life while working with us and after they retire,” said Laura Hannan, Director of Benefits at UL – a Fidelity sponsor. “It was a simple choice to select Income+ as an available financial planning strategy for our participants. It allows them to maximize the value of their 401(k) balances and other savings that can provide financial security for life. We hope this will give employees more confidence as they plan for the future.”
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