A Wachovia news release said the program converts rollover assets into a guaranteed monthly income for life or a specific time period of five, 10, 15 or 20 years. In addition, Income Solutions offers participants a variety of options to customize their retirement income stream, the announcement said.
“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 include AIG, Genworth, Hartford, Integrity, John Hancock, Metropolitan, Mutual of Omaha, Principal and Prudential.
The Income Solutions program is provided by Hueler Companies, Inc., a Minneapolis technology and research firm.