CHATTANOOGA, Tenn. (June 17, 2021) — Unum (NYSE: UNM) is offering its employees a new in-plan program to help make their retirement savings last. Provided through Fidelity Investments, the Managed Retirement Fund and Managed Cash Flow options are Unum’s latest addition to its portfolio of programs and resources to support the health and wellbeing of its employees.
The new program grants employees nearing retirement access to a low-cost, professionally managed fund that adjusts with age. When paired with the managed cash flow withdrawal option, it forms a steady stream of income in retirement. Employees can choose to keep their savings in Unum’s 401(k) plan after retirement as an affordable option to managing their savings. They can also select how often they receive withdrawal payments, including the option to mirror biweekly paychecks they received while working.
“We want our financial wellbeing benefits to support employees of all ages and stages of life,” said Carl Gagnon, assistant vice president of Unum Global Financial Wellbeing. “This program gives employees more flexibility in how they manage their 401(k) savings and withdrawals in retirement.”
The interest in and need for better retirement solutions is clear: more than 4 out of 5 workers say help from their employer converting savings into income would be helpful, according to the Employee Benefits Research Institute. And a quarter of workers said they feel their workplace retirement plan would be better if there were more investment options designed for people after retirement.
“Getting ready for retirement can be daunting, but this solution, along with the many other financial benefits Unum provides, makes me feel more prepared for what’s ahead,” said Cindy, Unum employee, age 56. “It gives me a sense of financial stability and will help ease the transition into retirement.” This new program is part of a suite of financial benefits Unum provides its multigenerational workforce.
Source: Retirement income solution