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PALO ALTO, Calif. and NORWOOD, Mass., October 31, 2011 – Financial Engines and Mercer’s US Outsourcing business today announced that Financial Engines®Income+, the first retirement income solution designed specifically for 401(k) plans, has been rolled out to Mercer’s defined contribution administration client base. The first three Mercer clients to go live with Income+ are Freeman, Kinder Morgan and Milacron.  Financial Engines has already received commitments from six Mercer plan sponsors to offer Income+ to their more than 50,000 401(k) participants.

“Our clients look to us to help them engage and empower their employees to live, work and retire well,” said Dave Tolve, retirement business leader for Mercer’s US Outsourcing business. “Income+ is an innovative retirement income solution that can help participants prepare for and retire with confidence, and that translates into a more engaged workforce for our clients. Later this year, we are also enhancing our website by seamlessly integrating Financial Engines retirement forecasts into our online experience, further driving participant retirement readiness.”

Of the three companies to go live with Income+ this fall, Milacron will be automatically enrolling all 401(k) participants over age 60 into the service to help them protect their 401(k) assets leading up to retirement and to provide steady, reliable income in retirement. Participants can opt out of enrollment or cancel the service at any time without penalty.

“We want our employees to be well-prepared for retirement and that includes helping them save and invest, as well as helping them figure out how best to use their 401(k) assets in retirement,” explained Rodger Hodge, Milacron’s director of global human resources.  “We decided to automatically enroll all plan participants in professional management with Financial Engines. For those employees nearing retirement, we automatically enrolled them in Income+ because we felt it was important to give every participant the benefit of having access to professional help in preparing for a confident transition to retirement.”

About Income+

Income+ is a feature of Financial Engines’ managed account program introduced in January 2011, designed to balance safety and growth in the years leading up to retirement. It provides steady monthly payouts from a 401(k) account, which can last for life with the optional purchase of an out-of-plan annuity. The Income+ feature is available to participants in Financial Engines’ managed accounts program at no additional cost.  Income+ does not require employers to add an annuity or change the fund line-up in their plan.

As part of a managed account, Income+ gives employees control of their money, which stays in their 401(k) account and doesn’t lock them into a particular investment or insurance product.  Employees can start payouts, stop payouts, take additional withdrawals or cancel at any time without penalty, giving them full access to their 401(k) savings as needed.

“We are excited to have another large 401(k) provider go live with Income+, making the valuable retirement income service available to more participants nationwide,” said Larry Raffone, executive vice president at Financial Engines.  “We are committed to working with our recordkeeping partners to integrate our services into their participant experiences, which will translate into more participants getting the retirement help they so urgently need.”