A BB&T news release said the product is designed to protect participants from retirement risks such as out-living assets, retiring during a down market, and the effects of inflation. ClearCourse provides a guaranteed source of lifetime income.
“ClearCourse allows us to offer plan sponsors and their participants a guaranteed level of retirement income with growth potential,” said Ray McCulloch, BB&T Institutional Services Executive manager, in the news release. “Now more than ever, we see a need for products that provide participants with a sense of security through a lifetime income guarantee.”
The news release said the offering is a group variable annuity issued by Genworth Life and Annuity Insurance Company.