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."
About Wachovia Retirement Services
Wachovia Retirement Services is part of the Retirement and Investment Products Group, a division of Wachovia's Capital Management Group. Wachovia Retirement Services provides fully bundled defined contribution, defined benefit and nonqualified retirement plans to both small and large companies, unions and municipalities. More complete information about Wachovia Retirement Services is accessible online at wachovia.com/401k.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 768 offices in 48 states and service affiliate offices in Latin America, and corporate and investment banking serving clients in selected corporate and institutional sectors globally. Other nationwide businesses include mortgage lending in all 50 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com. At March 31, 2007, Wachovia had assets of $706.4 billion and market capitalization of $105.3 billion.
About Hueler
Hueler Companies, Inc. and its affiliates (together, the Hueler Companies), located in Minneapolis, Minnesota, was founded in 1987 as a stable value consulting and data research firm. Today, Hueler Companies is a leading technology and research firm offering key resources for the analysis, research and implementation of stable value and annuity products. In 2004, Hueler Investment Services, Inc. launched Income Solutions®, a web-based immediate fixed payment annuity purchase system designed as an IRA rollover option that allows individuals to purchase institutionally priced annuities with their rollover IRA assets. The Income Solutions® program was created specifically for "Transitioning Investors" (both active employees and retirees) who have reached a point in their lives where they want or need to convert a portion of their "nest egg" or retirement assets into a reliable income stream.
