Press Release

PensionPlus Announces an Innovative Program with Capital Group, Empowering Participants to Easily Create Personalized Paychecks in Retirement

Issued by PensionPlus

Aug. 21, 2023

SANTA MONICA, Calif. -- PensionPlus™ announced an innovative joint service pilot with Capital Group, one of the world's largest and most experienced asset management firms, that makes it easy for retirement plan participants to create a highly personalized paycheck in retirement designed to last for their entire life. As a complement to the Capital Group and American Funds target date retirement series' the service is a value add for Capital Group's target date clients and will be offered to select retirement plan participants.

As people get older, they don't just accumulate assets—they also accumulate differences. Some are in excellent health; others have multiple health risk factors. Some want to travel; others want to set aside money for long-term care. Some want to claim Social Security right away; others want to delay for a bigger benefit. PensionPlus is uniquely able to create a lifelong retirement paycheck that takes these differences into account, while also ensuring that participants remain in complete control of their assets.

"As an established retirement income investment manager, implementing PensionPlus through this pilot aligns to our long-term goal of expanding coverage of workplace retirement plans and delivering solutions to help create better participant outcomes," said Brendan Mahoney, Head of Institutional Retirement Strategic Growth at Capital Group.  "We look forward to implementing the service to help advisors scale their business and work with their plan sponsor clients to support participants in achieving their retirement goals."

PensionPlus was co-founded by Shlomo Benartzi, a leading behavioral economist. As Benartzi notes, PensionPlus is a first-of-its-kind solution that incorporates a variety of behavioral insights not considered by more traditional retirement income projections. In addition to helping set a personalized retirement income plan, PensionPlus helps users stay on track with behaviorally informed digital nudges.

"PensionPlus democratizes retirement income planning for all participants," said Professor Emeritus Shlomo Benartzi. "In about ten minutes, participants are able to create a highly customized and sustainable retirement paycheck that reflects their needs, goals and preferences. And we're not a once and done calculator. After the retiree begins receiving their paycheck, we continually monitor their plan, adjusting their paycheck for inflation and nudging them to stay on track. Our simple goal is to give retirees the peace of mind they deserve with a paycheck they can count on."

For more information about PensionPlus, visit pensionplus.com, or contact Mike Henkel at mike@pensionplus.com

About PensionPlus

PensionPlus democratizes retirement income planning for all American workers, making it easy for plan participants to create a highly personalized retirement paycheck to fit their needs, goals and preferences. Founded in 2021 by Professor Emeritus Shlomo Benartzi, PensionPlus combines the insights of behavioral economics with an advanced financial engine and other technologies to set that customized lifelong paychecks and help users stay on track for their entire retirement with the proprietary Nudgebot. To learn more about services visit www.pensionplus.com.

About Capital Group

Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research, and individual accountability since 1931.

As of June 30, 2023, Capital Group manages more than $2.3 trillion in equity and fixed-income assets for millions of individuals and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed-income investment professionals provide fixed-income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

For more information, visit capitalgroup.com.

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