WASHINGTON — CUNA Mutual Group unveiled a new 401(k) product during CUNA's Governmental Affairs Conference.
To qualify for the Guaranteed Principal the funds must be allocated to a Lifestyle Fund, money must be maintained for a 10-year period and a basis-point fee is charged.
"The guarantees on principal and service satisfaction are aimed at giving credit unions a competitive edge, and to provide employees with benefits that are typically only available from large-plan providers," said Kevin Thompson, vice president, employee benefits.
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CUNA Mutual provides 401(k) and defined benefit pension programs to more than 4,500 credit unions.
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