A Wells Fargo news release said offering the out-of-plan annuities as an IRA rollover option is part of a deal with Hueler Investment Services, Inc.
According to the news release, the Hueler annuity program was created for “transitioning investors” (both active employees and retirees) who want or need to convert a portion of their retirement nest egg into a reliable income stream.
The program was previously offered by Wachovia Retirement Services, and Wells Fargo is now expanding this offering to all Wells Fargo institutional retirement clients, according to the announcement.
“We believe it’s important to enhance participants’ retirement readiness by providing a variety of retirement solutions both during and after their working years,” said Laurie Nordquist, director of Institutional Retirement and Trust at Wells Fargo.
“Now more than ever before, it is critical
that plan sponsors offer participants nearing or in retirement access to a low
cost, prudent means of pensionizing their hard earned retirement savings.
Creating a pay check for life may be the most important step an individual
takes toward ensuring income sufficiency in retirement,” said Kelli Hustad
Hueler, CEO of Hueler Companies.