Wachovia Launches New Retirement Income Program
Charlotte, N.C.—Wachovia Retirement Services (WRS) announces the addition of Income Solutions®, an immediate annuity program that allows plan participants to make the most of their 401(k) nest egg in retirement.
Income Solutions® is not designed as an annuity option within a company-sponsored 401(k) plan but instead facilitates annuity purchases via an IRA rollover. The program helps participants convert hard-earned retirement accumulations into a guaranteed monthly income for life or a specific time period of 5, 10, 15 or 20 years. In addition, Income Solutions® offers participants a variety of options to customize their retirement income stream.
“This is a great tool that allows participants to easily compare institutionally priced immediate annuity options,” says Paul Kuhn, Investment Product director for WRS. “Income Solutions pre-screens nine well-respected insurance providers. Participants are then able to utilize the Web site for educational purposes and to request income quotes. The quotes are gathered using a competitive bidding process in which the participant has the ultimate choice of provider.”
The nine insurance providers bidding on the business of participants are AIG, Genworth, Hartford, Integrity, John Hancock, Metropolitan, Mutual of Omaha, Principal and Prudential.
The Income Solutions® program is provided by Hueler Companies, Inc., a leading technology and research firm. Ensuring each of the aforementioned insurance providers maintains a high level of service and competitive product offerings is a focus for the company, which is based in Minneapolis.
“Hueler continuously works to ensure that all participating insurance companies deliver high-quality service and innovative, competitive product offerings designed to create lifelong income security,” says Kelli Hueler, CEO. “Given Wachovia’s recent growth and keen focus on high-quality products and services for retirees, our new relationship presents a great opportunity to broaden accessibility to income annuities and further promote lifelong retirement security.”
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