PALO ALTO, Calif., September 15, 2010 – Financial Engines, (NASDAQ: FNGN), the leading independent provider of investment management and advice to participants in retirement plans, called for plan sponsor involvement, flexibility and choice in the development of retirement income solutions at this week’s joint hearing on lifetime income options for retirement plans hosted by the U. S. Department of Labor’s Employee Benefits Security Administration (EBSA) and the Department of the Treasury.

Financial Engines’ testimony, delivered by Christopher Jones, Financial Engines’ executive vice president of investment management and chief investment officer, emphasized that defined contribution plans and plan sponsors must play a significant role in helping 401(k) participants generate retirement income. The company called for flexibility and choice on behalf of 401(k) participants and plan sponsors, emphasizing the complexity and high stakes involved in turning accumulated 401(k) assets into retirement income. Financial Engines believes that any proposed default retirement income solution must avoid placing participants into a situation where they could permanently lose access to their money without having made an explicit choice.