Mercer's US Outsourcing business has rolled out Financial Engines' Income+ to its defined contribution plan client base. The retirement income solution— specifically designed for 401(k) plans—has been adopted by Freeman, Kinder Morgan and Milacron, and six more Mercer sponsors plan to launch it for their more than 50,000 401(k) participants, as well.
"Our clients look to us to help them engage and empower their employees to live, work and retire well," says Dave Tolve, retirement business leader for Mercer's US Outsourcing business. "Income+ is an innovative retirement income solution that can help participants prepare for and retire with confidence, and that translates into a more engaged workforce for our clients. Later this year, we are also enhancing our website by seamlessly integrating Financial Engines retirement forecasts into our online experience, further driving participant retirement readiness."
Income+ is a feature of Financial Engines' managed account program introduced in January 2011, which is designed to balance safety and growth in the years leading up to retirement. It provides steady monthly payouts from a 401(k) account, with the optional purchase of an out-of-plan annuity.
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"We want our employees to be well-prepared for retirement and that includes helping them save and invest, as well as helping them figure out how best to use their 401(k) assets in retirement," explains Rodger Hodge, Milacron's director of global human resources.
"We decided to automatically enroll all plan participants in professional management with Financial Engines," he says. "For those employees nearing retirement, we automatically enrolled them in Income+ because we felt it was important to give every participant the benefit of having access to professional help in preparing for a confident transition to retirement."
Mercer is a global leader in human resource consulting, outsourcing and investment services. Mercer works with clients to solve their most complex benefit and human capital issues by designing, implementing and administering health, retirement and other benefit programs.
Financial Engines is the largest independent investment adviser. It helps investors with their total retirement picture by offering personalized retirement plans for saving, investment and retirement income.
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