ING's U.S. Retirement division devised a new asset allocation program to help 401(k) plan participants convert their savings to a guaranteed stream of income that will last through retirement.

The ING Lifetime Income Protection Program will initially be offered to customers in ING's corporate defined contribution plans. It provides participants with a series of target date asset allocation models that help build critical retirement savings followed by an income benefit for life, guaranteed by multiple leading insurers.

"There is a clear need for Americans to manage risk as they plan and save for their future. Not only must they build up a sufficient nest egg during their working years, they must also have a source of steady income at retirement that is well protected and lasts throughout their lifetime," said Rick Mason, president of Corporate Markets for ING U.S. Retirement. "ING is committed to advancing the retirement income conversation and we believe the industry has an important and collective duty to provide innovative and meaningful retirement solutions."