Mutual of Omaha has unveiled a new investment option Lifetime Guaranteed Income Account, to translate employee retirement savings into known guaranteed income for life.

The company said that the new investment option underwritten by Mutual of Omaha affiliate United of Omaha Life Insurance Company, is available to plan sponsors and their plan participants as part of Mutual of Omaha’s retirement platform.

According to Mutual of Omaha, the new investment option converts each contribution into known retirement income that participants won’t outlive; reduces market risk; offers flexibility by allowing participants to move their money to other investments within their plans at their discretion.

In addition, the new investment also provides portability by offering multiple payout options for participants and their spouses; and it also enables plan sponsors to direct their matching contributions to the lifetime guaranteed income account.

Scott Herchenbach, senior vice president of retirement plans at Mutual of Omaha, said: “Our new Lifetime Guaranteed Income Account is designed to do just that. Not only will we help participants understand exactly what their contributions mean in terms of retirement income, we’ll guarantee that income for life, giving employers and their employees peace of mind.”

Tim Bormann, retirement plans product line director of Mutual of Omaha, said: “With our new Lifetime Guaranteed Income Account, we’re addressing many of the concerns voiced by plan sponsors following the recent market downturn. We’re removing the ambiguity from retirement savings and reducing risk.”