Deals & People July 17, 2007

Morgan Stanley Adds Transamerica to List of 401(k) Providers

Transamerica Retirement Services has been added to Morgan Stanley’s roster of 401(k) providers.
Reported by

Transamerica markets its 401(k) products mainly to the small and mid-sized plans. The partnership with Morgan Stanley means that Transamerica can distribute its product through more than 8,000 Morgan Stanley financial advisers nationwide.

“The fact that Morgan Stanley has chosen to market Transamerica’s 401(k) products speaks volumes about our ability to provide products that meet the needs of the growing small and mid-sized plan markets,” said Pete Welsh, head of Transamerica’s business development, in a press release.

For more information visit www.TA-Retirement.com.

Products July 17, 2007

Wachovia Offering New Retirement Income Solution

Wachovia Retirement Services (WRS) said Monday that it is now offering Income Solutions, a program that allows participants to buy an annuity as part of an IRA rollover.
Reported by

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.

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