Products June 4, 2010

PenChecks Unveils New Web Site

PenChecks, Inc.'s new Web site is designed to make it easier for retirement plan providers, plan advisers, third-party administrators (TPAs), and plan sponsors to find information about complex distribution issues, according to the company.
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A news release said the site includes information about all of its qualified taxable account, IRA, and uncashed distribution checks services.

The site details the benefits for each customer type. In addition, four comprehensive Service groups make it easy to find details on PenChecks’ different products: Distribution Services, IRA Services, Specialty Services, and IRA Rewards Program.

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The company said there is centralized direct access to proprietary online software that handles processing functions powered by PenChecks. Finally, there is an improved Resource Center.

More information is available at www.penchecks.com.

Products June 4, 2010

SunTrust Adds Guaranteed Income Option to 401(k) Offering

SunTrust Banks has added a guaranteed lifetime income investment option, ClearCourse, to its institutional 401(k) investment platform.
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A SunTrust announcement said ClearCourse is a “pension-like” savings option that provides participants with the ability to build a retirement paycheck for life through their 401(k) plan.

According to the announcement, it further offers participants both upside potential and downside income protection, through increases to the guaranteed income amount in the event of positive portfolio performance, yet no reductions to the guaranteed amount even if negative portfolio performance decreases the account balance.

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“Now more than ever, we see a need for retirement income options that provide a level of protection in a fluctuating economic environment,” said Brenda Seliga, senior vice president and head of Employee Benefit Solutions at SunTrust, in the announcement. “Since 401(k) plans have replaced pension plans as a primary vehicle for retirement savings, both plan sponsors and their employees have begun to seek pension-like benefits and guaranteed income sources within their 401(k).”

ClearCourse is a group variable annuity designed for 401(k) plans and is issued and guaranteed by Genworth Life and Annuity Insurance Company.

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