PNC Adds Genworth Annuity

PNC Institutional Investments has added Genworth’s ClearCourse group variable annuity as a 401(k) option on PNC’s platform.

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.

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.