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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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.