Great-West FinancialSM Unveils New Retirement Income Control Panel Delivering Custom Retirement Strategies

  Great-West FinancialSM Unveils New Retirement Income Control Panel
  Delivering Custom Retirement Strategies

  New tool a part of retirement readiness solutions that address employers’
              desire to help employees achieve secure retirement

Business Wire

GREENWOOD VILLAGE, Colo. -- December 12, 2012

Great-West Financial^SM today announced the expansion of its suite of
retirement readiness products and services for plan sponsors and participants.
The new tools include:

  *The Retirement Income Control Panel provides a tailor-made retirement
    strategy for savings targets and gives each individual a custom income
    plan for spending down his or her retirement savings.
  *3(21) Fiduciary Services for new ERISA 401(k) plans provides plan sponsors
    and their advisors with co-fiduciary protection in the selection and
    monitoring of a plan’s investment options.
  *Account Retirement Income Estimate on Physical Statements provides
    participants with an estimate of their monthly retirement income based on
    the accounts Great-West Financial record keeps for them.
  *The Retirement Readiness Report Card  for plan sponsors analyzes and
    reports on participants’ estimated retirement income levels versus
    participants’ target retirement income levels, then gives plan sponsors
    strategies for closing the gap (planned for the first quarter of 2013).

“Our clients told us they want employees to have an accurate picture of how
much money they’re likely to have each month during retirement,” said Charles
Nelson, president, Great-West Retirement Services^®. “They also said they want
employees to have a spend-down strategy for their retirement savings. Our new
Retirement Income Control Panel delivers on both of these requests.”

Unlike other tools in the marketplace, the Retirement Income Control Panel
automatically draws real-time participant account data from Great-West
Financial’s recordkeeping system. The panel also analyzes information an
individual enters about assets outside of his or her Great-West Financial
retirement plan. Industry expert Ibbotson Associates, Inc., part of the
Morningstar Investment Management division, uses this custom data set to
calculate the individual’s estimated monthly retirement income. The Retirement
Income Control Panel then compares the participant’s estimated retirement
income with their target retirement income and highlights any gap between the
estimated and target dollar amounts.

“While other tools often use ‘off-the-shelf’ calculations, we take into
account as much custom savings data as the individual provides,” said David
Blanchett, head of retirement research, Morningstar Investment Management
division. “The result is a real-time, personalized calculation of estimated
retirement income based on the individual’s unique circumstances.

“This innovative tool puts more power in the hands of employees to make better
and more informed decisions about their retirement plans. If a participant has
a gap, we’ll provide helpful advice for closing it through the Retirement
Income Control Panel,” Blanchett said. “For instance, we may suggest an asset
allocation or that the individual increase their paycheck contribution, open
an outside account, or work a little longer before retiring. In addition, the
participant can immediately act on our advice via a single click from the
Retirement Income Control Panel.”

Nelson said: “Leading behavioral finance scientists such as Professor Shlomo
Benartzi of UCLA’s Anderson Graduate School of Management advocate that when
participants receive personalized retirement income estimates and customized
spend-down strategies, they feel more empowered to improve their retirement
readiness. Using the spend-down plan in the Retirement Income Control Panel
shows how much an individual can spend each year from their various retirement
income accounts. It also can show how sources such as a 401(k), defined
benefit plan, spouse’s 401(k), IRA and Social Security contribute to the
participant's potential spend-down strategy. Understanding which account to
spend down first and when to do it can be intimidating. Our Retirement Income
Control Panel presents this sophisticated and complex analysis in a simple,
easy-to-understand way.”

The Retirement Income Control Panel and 3(21) Fiduciary Services for new plans
join Great-West Financial’s current retirement readiness tools, managed
accounts and multi-manager, multi-glide path target date funds – the
Great-West Lifetime Funds.

“Looking ahead, each participant’s fourth-quarter paper statement will include
an estimate of their monthly retirement income based on the accounts we
record-keep for them,” Nelson said. “During the first quarter, we’ll launch
our Retirement Readiness Report Card, powered by Ibbotson. Their independent
analysis and engine, combined with the strength of our recordkeeping system,
provide one of the first and most powerful analysis tools for plan sponsors to
assess and monitor participants’ retirement readiness.”

These new retirement readiness features will be available at no additional
charge to plan sponsors or participants. To learn more about the Retirement
Income Control Panel and the Retirement Readiness Report Card, review these

Great-West Retirement Services is a division of Great-West Financial. It
provides 401(k), 401(a), 403(b) and 457 retirement plan services to 26,500
plans representing 4.6 million participant accounts and $174 billion in assets
as of Sept. 30, 2012.

About Great-West Financial

Great-West Financial^SM is the service mark for Great-West Life & Annuity
Insurance Company. Headquartered in metro Denver, Great-West Financial serves
its 5 million customers through a range of retirement savings products and
services, life insurance and annuities.

Great-West Financial is the nation’s largest underwriter of life insurance
sold through banks (BISRA Life Report, Third Quarter 2012, based on total
premiums at Sept. 30, 2012) and fourth-largest retirement plan record keeper
(Pensions & Investments, April 2012, based on total participant accounts at
year-end 2011). It is an indirect, wholly owned subsidiary of Great-West
Lifeco Inc. and “A Member of the Power Financial Corporation Group of
Companies” ^ ®.

About Ibbotson Associates

Ibbotson Associates is a registered investment advisor and wholly owned
subsidiary of Morningstar, Inc. It is part of the Morningstar Investment
Management division, which creates custom investment solutions that combine
award-winning research and global resources with proprietary Morningstar data.
With approximately $195 billion in assets under advisement and management, the
Morningstar Investment Management division provides comprehensive retirement,
investment advisory, and portfolio management services for financial
institutions, plan sponsors, and advisors around the world.

Data as of Sept. 30, 2012. Includes Morningstar Associates, Ibbotson
Associates, Morningstar Investment Services, OBSR Advisory Services, and
Ibbotson Australia.

Neither Ibbotson Associates nor Morningstar, Inc. is affiliated with
Great-West Financial and its affiliates.

Great-West Financial^SM refers to products and services provided by Great-West
Life & Annuity Insurance Company; Great-West Life & Annuity Insurance Company
of New York, White Plains, New York; their subsidiaries and affiliates.
Recordkeeping information and rankings reflect all recordkeeping customers of
FASCore: institutional clients, third-party administrator clients and
Great-West Retirement Services^®. Great-West Retirement Services refers to
products and services provided by Great-West Life & Annuity Insurance Company,
its wholly owned subsidiary FASCore, LLC, and other subsidiaries. The
trademarks, logos, and service marks used are owned by Great-West Life &
Annuity Insurance Company. “A Member of the Power Financial Corporation Group
of Companies” is the registered mark of Power Corporation of Canada.


Amy Hawkinson, 312-729-3634
C: 773-301-6437
Great-West Financial
Lisa Gigax, 303-737-6290
Director, Corporate Communications
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