Search
 

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

Solution will give retired employees access to income stream

By Other Sources | Updated on April 07, 2011

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.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.