Prudential Adds Hueler Income Solutions as DC Option

Hueler Investment Services Inc. announced Wednesday that the Prudential Insurance Co. of America is a direct plan sponsor client that has adopted Hueler’s Income Solutions platform as an option in its defined contribution 401(k) savings plan.

Income Solutions provides a marketplace of guaranteed lifetime income options to employer-sponsored 401(k) plans. Beginning this month, participants can select income features they want and convert a portion of their retirement savings into a self-funded “personal pension” through an annuity contract.

Kelli Hueler, the company’s CEO and founder, tells PLANADVISER that Hueler has approximately 35 large plan sponsors as direct clients, including Ford Motor Co., which began offering lifetime annuities through Income Solutions in January.

Four large recordkeepers—ADP, Milliman, Paychex and Vanguard—make the Income Solutions platform available to their 401(k) plans, according to Kelli Hueler, who says the Income Solutions platform is used by more than 250,000 plans overall.

“Our technology is built to be very flexible and more complementary than proprietary,” Hueler says. “We’re not big on the proprietary mindset that sort of dominates the 401(k) space. We’re much more about collaboration, market competition and what you can bring to bear through that, in terms of the value-add for the participants.”

Hueler Investment Services Inc., located in Minneapolis, has delivered lifetime income annuity products to the institutional marketplace since 2004. It is an affiliate of Hueler Companies, a data, market research and analytical reporting firm founded by Kelli Hueler in 1987. She sold the analytics portion of her business to Morningstar Inc. in 2020, while continuing to run Income Solutions.

In 2023, Kelli Hueler was awarded the PLANADVISER Vision Award for her work on retirement income annuities. She is a founding member of the Defined Contribution Institutional Investment Association.