ATLANTA, June 3 /PRNewswire-FirstCall/ -- SunTrust Banks, Inc. (NYSE: STI) announced today that it has added a guaranteed lifetime income investment option, ClearCourse®, to its institutional 401(k) investment platform. This addition reflects the company's ongoing commitment to proactively address the retirement plan needs of both companies and their employees in order to provide them with solid foundations for their future.
ClearCourse, a group variable annuity, is a "pension-like" savings option that provides company-sponsored retirement plan participants with the ability to build a retirement paycheck for life through their 401(k) plan. It further offers these 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.
The guaranteed income from investing in ClearCourse provides a way for 401(k) plan participants to protect their retirement income from common retirement risks such as retiring in a down market and outliving their assets.
"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. "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). With ClearCourse, we offer participants the option for a guaranteed level of retirement income while also providing growth potential. We are pleased to be able to provide our clients with this timely, relevant retirement solution to support their evolving needs."
The ClearCourse investment option is available through SunTrust's institutional 401(k) plan, for companies who elect to include it as one of the investment choices for their employees. SunTrust is one of the few bank service providers to offer a guaranteed lifetime income investment option. Recently, SunTrust was also among the first to offer an FDIC insured deposit account as an addition to its 401(k) investment platform.
ClearCourse is a group variable annuity specifically designed for 401(k) plans and is issued and guaranteed by Genworth Life and Annuity Insurance Company.
For more information about SunTrust's addition of the ClearCourse guaranteed income investment option or SunTrust's 401(k) solutions, contact 866.SUN.401k (866.786.4015).
About SunTrust Banks, Inc.
SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2010, SunTrust had total assets of $171.8 billion and total deposits of $118.8 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries, the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 global financial security company. Genworth employs approximately 6,000 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. For more information, visit www.genworth.com.
ClearCourse is a trademark of Genworth Life and Annuity Insurance Company, and is available through SunTrust's institutional 401(k) plan solution for companies who elect to include it as one of the investment choices for their employees. All guarantees are based on the claims-paying ability of the issuing insurance company, Genworth Life and Annuity Insurance Company. The underlying portfolio will fluctuate and may lose value; however, any decrease in value of the underlying portfolio due to market performance will not reduce the guaranteed lifetime income amount. Policy form MP7164 2/06.
SOURCE SunTrust Banks, Inc.