The product, the DDQ Online Quote Service, allows plan sponsors to obtain annuity quotes from insurance companies that qualify as “safest available” pursuant to the Department of Labor’s Interpretive Bulletin 95, in which the DOL has expressed its view on the Employee Retirement Income Security Act’s (ERISA) fiduciary standards in connection with purchasing annuities for beneficiaries of qualified retirement plans.
Participants who use a portion of their 401(k) or profit sharing plan balances can essentially buy back or convert to a guaranteed income for life with an annuity, and therefore plan sponsors need access to quotes, the company asserted in a press release.
With the service, clients can dial into the company’s Web site, obtain a password and request a quote of annuities commonly offered by qualified plans, the release said.
There is no cost or obligation to use the service, the company said. For access, see www.dietrichassociates.com , click on the DDQ access button and request a password.