Wells to Offer Rollover Annuity

December 17, 2009 (PLANSPONSOR.com) – Wells Fargo’s Institutional Retirement and Trust division is offering retirement plan participants institutionally priced annuities on the Hueler Income Solutions platform.

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.