Deals & People July 17, 2007

PNC Adds Genworth Annuity

PNC Institutional Investments has added Genworth’s ClearCourse group variable annuity as a 401(k) option on PNC’s platform.
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A Genworth news release said ClearCourse offers participants income for life guaranteed by Genworth Life and Annuity Insurance Company with upside potential.

“While people are saving for retirement, they need tools to help provide them with income after they stop working, particularly as people are living longer. ClearCourse gives employees a way to save and get a retirement paycheck for life.” said Fred Conley, president of Genworth’s Institutional Retirement Income Group.

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Every contribution to ClearCourse purchases a specific amount of retirement income that cannot be outlived, according to the announcement. The contributions are invested in an underlying portfolio – consisting primarily of stocks and bonds – and, based on the portfolio’s performance, participants have the opportunity to receive income payments greater than the guaranteed amount.

Even if portfolio fluctuations cause a decline in the account balance, there would not be a decrease in the amount of guarantee purchased, the announcement said.

PNC provides its Vested Interest platform for approximately 500 defined contribution plans, having more than $7 billion in assets and 180,000 participants, according to the news release.

Products July 17, 2007

SurePayroll Unveils Online 401(k) Product

Payroll provider SurePayroll has come out with an online 401(k) program for small business employers.
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According to a press release from the company, Sure401k will be offered to small business owners for less than $85 a month, minus a one-time set-up fee, and will include features such as:

  • Access to more than 320 mutual funds in 15 asset categories from companies such as Fidelity, T. Rowe Price, and Vanguard along with low-fee index funds and lifestyle retirement funds
  • Flexible plan designs (Roth and Safe Harbor features available)
  • Full-service recordkeeping, administration and compliance testing
  • Free customer support
  • Online plan management for employers and employees
  • Integration with payroll

There are no minimum employee restrictions; businesses that are run exclusively by the owners, partners and spouses can implement an owner-only 401(k), or Solo(k) plan, for $12.50 a month. SurePayroll will also offer a $250 discount on set-up fees for regular 401(k)s, until October 1, 2007.

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Small business owners that choose Sure401k are not required to be current SurePayroll customers.

For more information about the product visit

www.surepayroll.com/product/401k.

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