Income Solutions is an online service that allows participants to obtain competitive quotes for immediate income annuities from eight different companies who compete for the individual participant’s business, according to the announcement. A participant may get quotes from multiple providers and obtain an application for an annuity through the Income Solutions Web site or by contacting CitiStreet and obtaining guidance from one of the firm’s insurance-licensed counselors. Upon request, multiple bids are then presented side-by-side so the participant can choose the most appealing offer.
Income Solutions will be offered through the Hueler Companies of Minnesota, the announcement said (See Hueler Adds Inflation Adjusted Option to Annuity Lineup).
The combination of institutional pricing and meaningful issuer competition permits participants to obtainan annuity that provides more monthly income for a lower initial cost than is available with traditional, retail annuities, Ray Martin, president and CEO of CitiStreet Advisors LLC, pointed out in the announcement.
For more about CitiStreet’s retirement plan services, go to www.citistreetonline.com .