The Principal Financial Group has rolled out a new option for sponsors that will help participants annuitize a portion of 401(k) assets and create guaranteed income streams in retirement.
Coined the Principal Pension Builder, the annuity platform can be added to existing defined contribution menus, giving participants the option to direct lump sum investments or future contributions to annuities.
"Nobody wants to outlive their money, and everybody wants to know they can meet their core financial needs once they stop getting a paycheck," said Jerry Patterson, senior vice president of retirement and investor services at The Principal.
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