Manulife Financial today announced its newest innovation for group retirement savings clients with the launch of Group IncomePlus.

After the 2006 release of Manulife’s IncomePlus GIF Select for individual Canadians, group retirement savings clients and their advisors voiced a need for a comparable guaranteed minimum withdrawal benefit option. Developed specifically to meet the needs of these clients, Group IncomePlus is the first option available in Canada to guarantee group retirement savings plan members retirement income for life.

“We’re delighted to bring Group IncomePlus to our clients and to the Canadian group retirement market,” says Sue Reibel, senior vp of group savings and retirement solutions.

Available with any of Manulife’s group retirement savings plans, Group IncomePlus has no minimum initial or continuing contributions, making it accessible to all plan members.

“Group IncomePlus gives members a chance to remain invested so they can capture market growth without fear that market declines will reduce their guaranteed retirement income,” explains Reibel.

An extensive selection of educational resources supports members through every stage of their participation in Group IncomePlus. “Since this is new territory for them, we want members to be in a strong position to make this option work effectively,” says GSRS marketing vp Mike Collins, who leads the development team, “We’ve created a variety of videos, internet messages, and companion materials for members. Whether they’re preparing to make their first contribution, transferring savings into their accounts, or considering a withdrawal from Group IncomePlus, we want to be sure they are clear about how each action factors into their long-term planning.”

Launch meetings for key market sources will be held in locations across Canada in mid-June and are set to coincide with the release of the Group IncomePlus Web site.