PR: 401(k) group to offer annuity platform for member companies


CHICAGO (April 5, 2011)
- The Profit Sharing/401k Council of America (PSCA) will make available to its plan sponsor member companies the Hueler Income Solutions(R) platform, effective April 5, 2011. This will enable PSCA plan sponsor member companies to provide their retiring employees, who are interested in investigating the benefits of a fixed payment stream, with access to a web-based annuity purchasing option that allows employees to compare income annuities from leading insurance companies. This annuity purchasing portal includes a robust education component but does not include access to guidance. Income annuities are insurance contracts purchased with a single lump sum that offer immediate income payments (usually monthly) for a specified period or for the annuitant's lifetime.

"Plan sponsors want to help their retiring employees," said PSCA President David L. Wray. "This new member benefit will allow plan sponsors to give their employees who are interested in annuitizing some or all of their retirement account balances access to information concerning competitively priced annuities." Also, because many sponsors are concerned that "in-plan" options such as income annuities will lead to added fiduciary responsibility and increased plan complexity, this program will be offered to participants as an IRA rollover option. Accessing the Hueler Income Solutions(R) platform through PSCA affords member firms access without the standard connection fee charged to individual plan sponsors.

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