Hueler Companies has expanded its Income Solutions service to include qualified longevity annuity contracts (QLACs).
With the addition of deferred income annuities and longevity insurance in late 2013, Hueler was well positioned to incorporate QLACs, the company said. Hueler claims the Income Solutions automated platform is the first to offer real-time QLAC quotes in a transparent, comparable format from multiple insurance companies.
With the regulations passed in July 2014, individuals looking to purchase deferred income annuities and longevity insurance with pre-tax, qualified defined contribution (DC) retirement plan assets are now able to defer their income payments past the age of 70 ½. The regulation allowed for assets used to purchase a QLAC to be excluded from required minimum distribution (RMD) calculations Retirement savings that qualify for a QLAC have a maximum income start date of age 85.
“We believe the new QLAC regulations give American workers and retirees a very important planning tool and much needed flexibility as they make difficult decisions about how to use their hard-earned retirement savings to create sustainable income. QLACs can help ensure sufficient income later in life as Americans anticipate longer, healthier retirement years,” says Kelli Hueler, CEO of Hueler Companies.
Hueler tells PLANSPONSOR, “Income Solutions is the only institutionally priced lifetime income platform that plan sponsors can make available to participants, and the QLAC offering is a very important enhancement. Hueler has been providing services to the plan sponsor community for more than 25 years and Income Solutions specifically has been available for more than 10 years. Some of the largest plans in the country use the Income Solutions platform either directly through Hueler or through their recordkeeper, such as Vanguard and Aon Hewitt.”
More information about Hueler Companies is at http://www.hueler.com/.